Half of all card payments may be mobile within the next five years
PayGate, a payment service provider, believes that half of all card payments will become mobile within the next five years. The company recently added Zapper to its mobile payments systems, allowing it to reach a larger demographic in South Africa. PayGate has been taking steps to establish a stronger presence in the growing mobile commerce space. The company believes that the mobile world will see explosive growth in the coming years.
PayGate continues to work to provide its clients with the ability to accept mobile transactions
As a provider of payment services for online businesses, PayGate has a vested interest in becoming more mobile-centric. The company wants to ensure that its clients have the ability to engage mobile consumers effectively and is working to make new tools available to these clients. QR codes are part of PayGate’s push into the mobile space. The company suggests that these barcodes have become one of the most useful mobile commerce tools, due largely to their simple nature and the fact that they can be produced at little expense.
QR codes are becoming effective mobile commerce tools
QR codes have long been used in marketing. These simple barcodes can be scanned by nearly every smartphone currently available and have served as an effective way for retailers to engage mobile consumers. Over the years, these codes have become mobile commerce gateways. Retailers have been using them to facilitate mobile payments, and QR codes have lead to the rise in “pop-up” stores in many parts of the world. These stores use QR codes to sell products that can be delivered to a shopper’s home.
Mobile commerce is gaining traction throughout South Africa
In South Africa, mobile commerce is becoming more popular. The demand for mobile shopping and payment platforms is growing among consumers as smartphone penetration increases. Companies like PayGate have a lot to gain by enabling other businesses with the ability to accept mobile payments, especially as the mobile space continues to see aggressive growth over the coming years.
MasterCard sees promising growth in mobile commerce ventures
Financial giant MasterCard has announced promising growth for its mobile payment platform known as PayPass. The company reports that the platform has seen the most aggressive growth in Asia, the Middle East, and Africa, with 28% expansion in this markets during 2012. This growth is being attributed to the popularity that has begun to surround mobile commerce, as well as the proliferation of mobile devices throughout these markets. As more consumers get their hands on smart phones and tablets, MasterCard claims that the demand for mobile commerce rises.
PayPass becoming more popular among businesses and consumers
According to MasterCard, the PayPass platform now boasts of more than 700,000 merchants in 51 countries around the world. The company suggests that the growth of this platform is most rapid in markets where consumers are eager for a convenient alternative to traditional currency. Mobile commerce offers such an alternative as all transactions made through a mobile device involve digital currency rather than physical currency. Consumers have shown a strong interest in using their financial information to make purchases for everyday products from their mobile devices.
Favorable markets see rising demand for mobile commerce services
South Africa, Australia, South Korea, and Singapore are among the strongest markets for the PayPass currently. These countries have shown strong support for mobile commerce and mobile device penetration in these markets is gaining strong momentum. MasterCard has established strong partnerships with other financial service companies in these countries to further solidify its position in their blossoming mobile commerce sectors. This year, the company expects to see further growth in these markets as it introduces new mobile commerce services through PayPass.
Innovation may secure future of PayPass
Innovation will be the key to further growth and MasterCard has plans to introduce better services and features to the platform that will make it more attractive to consumers. PayPass is currently involved in a variety of trial projects throughout the world that are designed to get consumers comfortable with the idea of mobile commerce. Many of these trials have proven successful, but consumers are beginning to demand better services from PayPass that are already being introduced by MasterCard’s competitors.
