Tag: mobile security

Mobile payments are gaining momentum in the US and UK

| January 29, 2016

Report highlights the growing power of mobile payments

The popularity of mobile payments is growing in the United Kingdom and the United States. Citigroup and the Imperial College of London have released a new report shows that consumers in many countries are beginning to favor mobile payments when they shop digitally. This is particularly true in the U.S. and the UK, as more consumers are beginning to use their mobile devices to purchase products online. As such, they are becoming increasingly reliant on new payment services that allow them to make purchases online and in physical stores.

Consumer attitudes are affecting the adoption of new payment services

While more consumers have been opting to use their mobile devices to make payments, adoption of mobile commerce has been slow in 2015 overall. Consumer attitudes kept many people from making use of mobile payments services and these attitudes were swayed by security concerns. Many believe that their personal information is at risk when they use new payment platforms, which leads them to avoid mobile payments altogether. the report also suggests that there is a culture barrier preventing the widespread adoption of mobile payments.

UK banks are finding success with their own payment platforms

Mobile Payments US & UKBanks in the United Kingdom have reported a surge in the adoption of new mobile payments service over the past few years. Barclays has its own mobile platform, called Pingit, which now accounts for 1 million transactions as of January of this year. This is an increase over the 100,000 transactions it had been responsible for only one year ago. Payment services in the U.S. have seen similar growth, especially due to the availability of new services like Apple Pay and Android Pay.

Consumers want more security from their mobile payments services

The mobile payments sector is still considered quite young. As such, there is room for growth in its various aspects. For consumers, security remains one of the most important priorities. If services cannot protect their financial information, consumers are unlikely to make use of them. These consumers also want more value added to the mobile payments services they are interested in. This may be accomplished through stronger support for loyalty programs.

Mobile payments find a foothold in South Korea

| January 26, 2016

Many consumers are turning to their mobile devices to get their shopping and banking done

Mobile payments have become quite popular in South Korea. The country is home to one of the most expansive mobile Internet infrastructures in the world and many consumers have begun to exploit the Internet speeds they have access to in order to get their shopping done quickly. A new report from the Bank of Korea shows that consumers are beginning to favor their mobile devices when shopping online, largely due to the convenient nature of mobile commerce.

Bank of Korea report shows that one in six consumers turn to mobile payments

According to the report from the Bank of Korea, one in six South Korean consumers have made use of a mobile payments service. The report shows that most consumers make use of these services once to three times a month. Approximately 23% of consumers reported that they use mobile payments services at least once a month, with another 23% reporting that they use these services much more frequently; at least once or twice a week. With more consumers becoming involved in mobile commerce, many businesses may find new opportunities to effectively engage these potential customers.

Demand for secure and reliable services continues to rise in South Korea

Mobile Payments Boost - South KoreaBank of Korea suggests that organizations should improve their mobile banking operations in order to effectively engage consumers on smartphones. In improving these operations, organizations should focus on two aspects of the mobile commerce world: Security and reliability. The demand for reliable mobile payments services and new banking services is growing, creating opportunities for financial service instructions that may result in economic success. Organizations will also have to ensure that the services they offer are capable of adequately protecting consumer information.

Security remains a priority for companies involved in mobile commerce

Security is, perhaps, the most important issue to address. Many consumers have avoided using mobile payments services because they worry that their information may be exposed to significant risks. Companies involved in the mobile payments space have been working to allay fears concerning security through the introduction of new technology. New services with more robust security features are becoming available as a result.