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More consumers are involving themselves in mobile payments, survey finds

| December 21, 2015

Retale survey shows that consumers are embracing PayPal as the leading mobile payments service

Consumers are showing more interest in mobile payments, according to research from Retale, a location-based mobile platform. The research shows that 43% of consumers in the United States have used a smartphone or tablet to make an in-store mobile transaction. This is an increase from the 36% of consumers that did so last year. PayPal has become the most popular mobile payments services among these consumers, through shoppers tend to use a wide variety of solutions.

61% of shoppers will be using their mobile devices to make holiday purchases

Retale surveyed some 1,000 shoppers in the U.S., finding that 61% of these shoppers said that they would be using their mobile devices to purchase a gift this holiday season. Many consumers have been showing interest in mobile payments because they see it as more convenient, with payment services allowing them to simply tap a mobile device to a payment terminal to make a purchase. The survey from Retale shows that 63% of consumers believe that retailers should provide some sort of in-store mobile payment support, as this may improve the shopping experience.

Mobile shoppers use their smartphones to purchase clothes, food, and send gift cards

Consumers using mobile payments more - studyAmong mobile shoppers, clothing is the category that experiences the most activity. Approximately 44% of consumers have used their mobile devices to purchase clothing products during this holiday season. Another 41% have used their smartphones or tablets to purchase food. Gift cards have also become a popular item for consumers doing their holiday shopping, with 30% sending gift cards via their mobile devices.

Retailers will have to make mobile payments more secure in order to find continued success

The mobile payments sector has generated a great deal of momentum during the holiday season, which is likely to carry over into the beginning of next year. Retailers are becoming more mobile-centric, hoping to better engage mobile consumers. These retailers will have to find ways to protect consumer information in order to ensure that they continue to find success in the mobile payments field.

Apple is looking to take another step into mobile payments

| November 16, 2015

Apple may be working with banks to develop a person-to-person payment service

Apple is reportedly in discussions with banks in the United States to develop a new payment service that would serve as a person-to-person platform. Such a system could further strengthen Apple’s position in the mobile payments space, where it has already established a strong foothold. While Apple may be in negotiations with banks, it is as yet unclear whether or not these organizations will be working with the company to develop this sort of person-to-person system.

Consumers are becoming more active in the mobile payments field

Many consumers in the United States are beginning to embrace mobile payments, but these consumers represent a relatively small portion of the country’s mobile audience. Should Apple acquire support from banks for this new initiative, it would be in a better position to compete with other organizations that have become involved in mobile payments. Apple Pay, which was launched a relatively short time ago, has managed to find some success, but still lags behind other payment systems in terms of adoption among consumers.

Demand for person-to-person money transfer services is rising quickly

Mobile Payments - AppleAs consumers become more involved in mobile payments, the demand for money transferring services is on the rise. Consumers want to be able to send money to their friends and family, a service that is featured in some payment systems that have already been well established. If Apple moves forward with its plans, its new mobile payments service is likely to be similar to PayPal’s Venmo platform, which has acquires strong support from a wide range of consumers.

How Apple will continue to generate revenue from mobile payments is uncertain

One of the concerns regarding the new service is how Apple will generate revenue through it. Apple Pay issues fees associated with every transaction being made, and these fees are imposed on retailers as a way to make the platform profitable. The new service may introduce fees on person-to-person money transfers, but Apple has offered any specific details concerning this. The company has not yet highlighted ways it could generate revenue through the service.