Mobile payments are growing more popular
Mobile payments have already been growing in popularity around the world, but with consumers becoming more acclimated to the services that are available to them, mobile payments are set to see accelerated growth in the near future. Consumers are beginning to see the benefits they could take advantage of through participating in mobile commerce. The convenience that mobile payments represents has, thus far, been one of the most attractive aspects of this new form of commerce and this aspect is likely to continue attracting the interests of consumers for years to come.
Report sheds light on various factors in mobile commerce space
BI Intelligence, a leading market research firm, recently released a report concerning the growth of mobile payments in the U.S. and in Europe. The report shows that mobile payments are becoming more common as smartphone penetration grows around the world. As more consumers get their hands on smartphones, the more likely they are to shop online using their mobile device. Young, affluent consumers have been leading the charge toward mobile commerce for some time, and these consumers in Asian and African markets are expected to be the major source of growth in mobile commerce in those regions of the world.
Businesses growing eager to embrace mobile payments
The report shows that consumers are not alone in their interest in mobile payments. Businesses are beginning to become more accommodating of mobile commerce as smartphones and tablets become the favored shopping platforms for consumers. The report shows that higher transaction volumes through mobile sales will be the primary growth driver of mobile commerce among businesses in the future.
Mobile payments platforms have yet to be a hit with consumers
The report notes that mobile commerce platforms are plentiful, almost annoyingly so for consumers. While there is a multitide of mobile payments services to choose from, none of these have yet become a major hit with consumers. Even PayPal’s mobile commerce platform has yet to appeal to a significant number of consumers.
Apple finally moves into the mobile commerce sector
Apple has been taking a slow and steady approach to the matter of mobile commerce. The company faced harsh criticism from consumers recently due to the fact that it did not include NFC technology in the iPhone 5. Moreover, the company refuses to support NFC technology in any significant fashion, which keeps most Apple devices away from the realm of mobile commerce. While third parties have brought mobile commerce to these devices, Apple itself remains cautious on how to approach the issue due to concerns regarding security.
iCloud Keychain revealed by Apple
Despite Apple’s caution, the company has released its first authentic mobile commerce platform, called the iCloud Keychain. The iCloud Keychain exists as a sort of mobile wallet, upon which consumers can store a variety of information, such as passwords and financial details. This information can then be used across several Apple devices to log into websites or make purchases online. The platform does not support NFC technology as it exists as an application rather than a physical device, but it will allow Apple consumers to participate in mobile commerce to some degree.
Company’s worries over security continue
Apple’s caution regarding mobile commerce is due to the serious security concerns that the company has. Mobile commerce is not only popular with consumers; it is also very popular with hackers that are looking to exploit the financial information of consumers. Most mobile commerce platforms are based on NFC technology, which Apple believes to be insecure by nature. Because Apple has little trust in the security of NFC, the company has been working to find an adequate alternative to the technology while ensuring that the financial information of consumers is kept safe.
Apple remains cautious of mobile commerce
Apple has flaunted its ambitions in the mobile commerce realm in the past, but the company is in no rush to compete with others in this emerging field. Those that have rushed into the mobile commerce field have been met with several challenges that have proven very difficult to overcome. Apple is currently observing the sector to keep track of these challenges and finding solutions based on the examples provided by other companies.
