Tag: mobile wallets

The 2016 Digital Payments Study showed a rapidly rising number of consumers using smartphones to pay.

The 2016 Digital Payments Study from Visa revealed insight into European mobile payments trends. It showed that there has been a spike in the number of people using smartphones as wallets. In fact, the number of people using this type of transaction has tripled since 2015.

At the time of the research, 54 percent of consumers were using mobile payments on a regular basis.

The research indicated that European mobile payments were regularly used by over half of consumers. Comparatively, at the same time the year before, only 18 percent of consumers were using mobile wallets to pay for goods and services.

This research involved the participation of over 36,000 online consumers in Europe. They resided in any of 19 different countries in the continent. The study showed a dramatic shift in the use of mobile payments technology over the prior 12 months.

The European mobile payments research also indicated that more people are open to trying the tech.

Last year at the same time, 38 percent of respondents had never used mobile payments and had no intention of ever trying it. This year’s figure has dropped to 12 percent. Clearly, far more people are interested in trying the use of mobile devices to pay for products and services.

There were two countries in which it was most obvious that there was a very large increase in mobile wallet use and interest. These two countries were Turkey and Romania. They have been adopting this technology at a staggering rate.

That said, the United Kingdom stood out as a market where there was a very large percentage of smartphone users who also used mobile payments. In the U.K., 74 percent of device owners had tried mobile wallets. Over half of the people who had tried the tech (59%) had done so to transfer money to friends and family. Slightly fewer (45 percent) had used it for purchasing take-out at restaurants.

A new trend in European mobile payments has also started to develop. Within it, consumers have revealed that they are increasingly comfortable in using their mobile devices to make more expensive purchases.

The retail chain has now rolled out their own version of the smartphone based transaction method.

The Kohl’s Pay mobile payments platform has launched, representing the latest in a growing retail trend. Large retailers are, to an increasing degree, stepping into the mobile wallet market. This is creating a market with even greater competition for Android Pay, Apple Pay and Samsung Pay. Those tech giants have all been battling for dominance.

The Kohl’s Pay rollout has added another independent alternative to those wallet options.

The Kohl’s Pay mobile payments platform is available for customers to use within the department stores. This not only allows consumers to pay for their purchases, but it has also been integrated with their rewards and loyalty programs. In this way, the mobile app allows for collection and redemption of the reward and loyalty program benefits. At the same time, it works as a digital wallet for the payment method being used for the purchase itself.

The retailer announced that the Kohl’s Pay Mobile payments service is now available across the country.

Kohl’s Pay’s existence is not a surprise to many as the company had previously announced its intentions to expand its previous mobile wallet. The previous version had allowed consumers to collect rewards and promotions and save their payment data. This latest nationwide move has expanded the features and functions of the mobile payments app.

The new app comes at a time when many other large retailers are taking similar steps with mobile wallets and payments. For example, CVS and Walmart have both recently enhanced their smartphone applications to include comparable changes. These solutions are generating greater appeal among retailers seeking to draw customers who are increasingly comfortable in using smartphones for payments.

Moreover, by implementing their own proprietary mobile wallets, retailers may make themselves into the convenient choice for consumers who prefer this payment method.

What makes the Kohl’s Pay mobile payments platform different is that customers can’t add their credit cards and debit cards to their digital wallet. Instead, the Kohl’s Charge private label card is the only one that can be used in conjunction with the app.