Tag: mobile wallets

Cayan data revealed that Americans didn’t turn to their smartphones to complete transactions very much.

Transaction processing firm Cayan showed that in store mobile payments in the United States were low on Black Friday. Fortune Magazine reported on the data and indicated that even though mobile wallet use is rising, it is still tiny. That payment method represents only a very small percentage of the overall total.

In fact, the mobile wallet use in store on Black Friday made up only 0.6 percent of sales.

The Cayan in store mobile payments data suggests a 100 percent year over year usage increase. However, it still shows that the percentage it represents of the total is only just a fragment above being entirely insignificant. The only reason that percentage meant anything at all was because the total sales on all payment methods on Black Friday was such a large figure.

Despite that fact, this makes it very clear that mobile payment adoption remains an exceptionally slow process. It is far from being mainstream as of yet.

Other data has shown that some in store mobile payment methods are more successful than other.

PYMNTS and InfoScout data showed that the use of the Apple Pay mobile wallet is actually declining in popularity. Their data revealed that over the last year, the growth rate for usage has slowed down.

Data from October 2016 showed that only 23 percent of consumers with an appropriate iPhone had actually tried the mobile wallet. That was essentially the same statistic that was recorded back in March 2016.

Moreover, mobile wallet use while in-store has not been doing much better. It has not been keeping up with the rate of growth of m-commerce as a whole. Still, even though there is a low conversion rate, PayPal recorded some strong figures over the holiday weekend that launched the shopping season. About 1 in 3 online purchases using PayPal were made over mobile.

Similarly, Adobe recorded that 45 percent of traffic to retail sites came from smartphones and 25 percent of e-commerce sales were from mobile devices. This suggests that customers are using their smartphones, they simply aren’t using in store mobile payments quite yet.

As the Modi government forces a more cashless society, consumers have skipped plastic in favor of apps.

In India, Prime Minister Modi’s government suddenly eliminated two of the most commonly used monetary notes, providing a huge opportunity for the MobiKwik mobile wallet. As the country scrambles to ensure they have enough cash in their hands, mobile payments have become a fast alternative.

As a result, MobileKwik saw a sudden rush of new users, totaling 2 million in under 2 days.

The MobiKwik mobile wallet was already the largest in India. It saw the opportunity and rapidly launched a lighter version of its app, called the MobiKwik Lite. When it launched, it experienced more than 2 million downloads in less than the first two days. This trend is only expected to continue – though perhaps not as dramatically – as the nation continues its direction toward being cashless.

Without the old Rs 500 and Rs 1000 notes, people rapidly looked to their smartphones to make sure they would have enough money to be able to make payments. The new MobiKwik Lite mobile app was designed to ensure that even the most basic smartphones and limited data connections would support it.

MobiKwik mobile wallet is determined to keep up with demand as more consumers download and sign on.

“We are committed to support the Government of India`s mission of a clean, cashless economy and launched MobiKwik Lite with an objective to help masses across the country go cashless,” said Upasana Taku, one of MobiKwik’s co-founders. Taku went on to say that “So far, we have registered over 20 lakh users and the number is growing significantly by the hour.” Taku pointed out that this high rate of new user sign-ups is a direct illustration that a product that is well timed and designed “resolves a real issue,” and will become a mainstream hit.

This mobile app, which is available in Hindi and English, also makes it possible for users to receive payment requests and send funds by way of SMS. This new lighter version of the MobiKwik mobile wallet is offering all users free bank transfers until March 31, 2017.