Tag: near field communication

NFC-based mobile payments are growing quickly

| December 29, 2014

New study shows that NFC payments are becoming more common among consumers in the retail sector

NFC-based mobile payments are on the rise throughout the world, according to a new study from Strategy Analytics. The study highlights the growing adoption and availability of NFC-enabled mobile devices. These devices are equipped with NFC chips, which allow them to engage with interactive marketing materials, share digital information from one device to another, and participate in mobile commerce. As these devices become more plentiful among consumers, people are using them to shop online and purchase products from physical stores.

Study predicts that NFC-based mobile payments will represent $130 billion in global spending by 2020

The study shows that NFC-based mobile payments will account for $130 billion in global consumer retail spending by 2020. This is roughly similar to 254 million mobile consumers making as many as five mobile payments every month of $9 or less. The growing availability of NFC-enabled mobile devices and services is powering this growth in the mobile commerce field. One of the latest services to launch, Apple Pay, is having a profound impact on the growth of NFC-based payments.

Apple Pay helps promote mobile spending through NFC technology

Mobile Payments - NFCApple Pay was launched at the end of October this year, and has since become a prominent payment platform among iOS users. The service launched with the support of a wide range of retail partners, many of whom also adopted mobile point-of-sale systems to accommodate the growing number of those paying for products with their mobile devices. Services like Apple Pay are expected to continue powering the growth of the mobile payments field.

Some retailers are unconvinced of the value of NFC technology

Retailers have been relatively slow to embrace NFC technology. The cost of adopting NFC-enabled point-of-sale systems is often seen as too high for some retailers, while others are not yet convinced that mobile commerce is anything but a passing trend. As NFC devices become more popular among consumers, these retailers may change their minds and begin supporting mobile commerce more aggressively.

Survey shows device obsession is helping mobile commerce thrive

| December 17, 2014

Survey highlights the changing behavior of consumers that have become dependent on mobile technology

Deloitte, a leading professional services firm, has released a new survey highlighting mobile consumer behavior. The survey suggests that people in the United States are becoming increasingly obsessed with their mobile devices. Approximately 90% of consumers check their devices within the first hour of being awake and 23% look at their devices up to 50 times throughout the day. This growing dependence on mobile technology is spurring the evolution of commerce, making it more mobile-centric.

Growing awareness of mobile technology is making consumers more comfortable with shopping on their smartphones and tablets

The survey shows that people are becoming more informed about the price of mobile devices and data services offered by major carriers. As such, they are finding better deals and becoming more resistant to marketing campaigns that highlight unattractive service deals. Growing comfort with mobile devices is leading consumers to dabble in mobile commerce and payments. More people are shopping online from their mobile devices, opting to use their smartphones and tablets to purchase products from retailers.

In-store mobile payment support is lacking among retailers, despite strong interest in mobile commerce and mobile shopping

Mobile Commerce - StudyWhile consumers are showing interest in using their mobile devices to shop online, the survey shows that in-store mobile payment support is currently lacking. Many retailers are willing to support mobile shopping online, but will not do so in their physical stores. Introducing mobile payment system to physical stores can be a costly venture and some retailers are not yet convinced that mobile commerce is a worthwhile investment.

NFC technology continues to play a major role in the mobile commerce market and NFC-enabled devices are becoming more common

The survey shows that 31% of consumers with NFC-enabled mobile devices have used their device to make a payment in the past month. NFC technology currently makes up much of the backbone upon which mobile commerce is based. NFC-enabled devices have become quite common in the United States and have helped consumers become more involved in the mobile commerce space.