Tag: smartphone payments

The latest update of the wallet app is designed to make it easier for givers and receivers.

Square Wallet has just announced that its mobile payments app has a new update that will make it simpler for its users to be able to purchase and to exchange gift cards for participating retailers.

This latest update is available for the application designed for both Android and iOS devices.

The announcement stated that Square gift cards can be sent directly from the purchaser’s smartphone or tablet, directly to the recipient. It is reported to function immediately through the electronic receipt that is sent to the purchaser (the giver) from merchants who accept mobile payments through the Square Wallet program.

This is an important step for Square in its gift card mobile payments offerings as it could expand its own use.

The mobile payments app first started its compatibility with gift cards in December of last year, just in time for the heart of the last minute holiday shopping rush. This provided merchants with the ability to offer electronic gift cards to consumers, who could then redeem them using their smartphone and tablet devices.

Participating retailers enjoyed this capability as it gave them the opportunity to offer these gift cards without having to rely on a third party provider for the plastic cards and redemption systems.

This latest update to the mobile payments app allows consumers to both buy the gift cards and send them directly to the recipients through the receipt that they receive electronically from the merchant. The Wallet company feels that this is an important step for providing convenience to the users of the service.

However, there is also a great deal of benefit to be had for Square, itself, if the program should take off. To the company, the true benefit isn’t necessarily convenience as much as the fact that if a recipient would like to be able to receive the gift card, then he or she will be required to download the mobile payments app and then use it when making a purchase. Potentially, this could expand the downloading and the use of the smartphone wallet service as consumers purchase and send gift cards to one another.

Who will emerge as a leader in mobile payments is not clear

Mobile payments are beginning to disrupt traditional forms of commerce as more consumers begin to rely more heavily on the smartphones and tablets. These devices have made it exceedingly convenient for consumers to purchase products and services either online or in-store. As mobile payments become more prolific, the mobile commerce market is beginning to brim with competition. Several countries and companies have invested heavily in this market, but it is not entirely certain who will emerge as the dominant force within this industry.

Report shows that consumers are eager for new mobile commerce services

BI Intelligence, a market research and analysis firm, has released a new report that offers insight on mobile payments and those that are leading the way in the current market. According to the report, much of the mobile commerce world is driven by what consumers want. Consumer demand, for instance, has lead to the development of mobile payments platforms that can be used both online and at physical stores. Approximately 52% of consumers wanted such platforms, which are likely to become significantly more available in the coming years.

Singapore among the top countries ready to embrace mobile payments

The report suggests that companies like Square and PayPal are likely to thrive in the coming years, largely due to their very early adoption of mobile payments. Both Square and PayPal have a heavy focus on the mobile space, making them more attuned to the demands coming from consumers than their competitors. In terms of countries, Singapore is considered to have the most mobile commerce “readiness,” with the U.S. and the United Kingdom boasting of average readiness.

US and European consumers are not fully accepting of mobile commerce

While companies could see significant progress in the realm of mobile commerce in the coming years, consumers have yet to be fully won over by mobile payments. BI Intelligence notes that only 10% of consumers in the U.S. and Europe participate in mobile payments.  Many are willing, but concerns regarding security are keeping most consumers tethered to traditional forms of commerce.