Tag: uk mobile payments

Experian predicts the dominance of mobile payments

| February 13, 2015

New study highlights the potential decline of debit and credit cards

Experian, a leading information services and credit organization, has predicted that there will be a major shift in commerce in the coming years. The company has released a new study that suggests that mobile payments will be in wider use than debit and credit cards by 2020. Mobile commerce has been gaining momentum over the past few years,  powered by the aggressive adoption of smartphones and other devices in prominent markets.

Survey shows that a growing number of consumers are showing interest in mobile transactions

According to the study, mobile payments are growing particularly quickly in the United Kingdom. The study includes results from a recent survey that Experian held, showing that one in three respondents believe that they will be using mobile payments more than other forms of commerce in the coming years. Nearly half of the respondents noted that they were ready to fully embrace mobile commerce systems that made use of biometric technology. This technology uses biologic information, such as a fingerprint, to protect mobile devices and transactions.

Credit cards and cash are losing their luster among consumers

Mobile payments - ExperianThe survey also showed that 40% of respondents believe in the decline of credit cards, with 70% believing in the declining use of cash. Mobile payments are seen as very convenient for consumers that have begun to base much of their lives on their mobile devices. New payment systems allow consumers to make purchases using nothing more than their smartphones, and retailers are embracing mobile commerce in order to better engage these consumers.

Security remains a major issue for the mobile commerce space

While mobile payments are expected to become more prominent in the coming years, there are still many challenges facing the mobile commerce space. One of these challenges has to do with security. Several companies that support mobile transactions have recently been targeted by malicious groups that want to exploit the financial information of consumers. Without adequate security measures, the growth of mobile commerce may lose steam.

Mobile payments service Paym reaches new milestone

| February 6, 2015

Paym records more than $39 million in mobile transactions

Paym, a mobile payments service in the United Kingdom, has announced that its users have made more than $39 million in transactions since the service was launched in April o last year. Consumers can use Paym to make purchases or transfer money to their friends and family. The service has experienced strong growth over the past several months, becoming one of the more popular mobile payments services that is currently available in the United Kingdom.

Service now has nearly 2 million users that are participating in mobile payments

According to Paym, the service now boasts of nearly 2 million users. The service has won strong support because it is compatible with a wide range of financial institutions throughout the country. Banks showing support for Paym has made it possible for their customers to participate in mobile payments, which is becoming a popular practice among consumers. The demand for mobile payments support coming from consumers has encouraged banks to embrace services like Paym, which allow these banks to accommodate consumer interest.

66% of UK population claims to be aware of mobile payments

Mobile Payments - SurveyA recent survey commissioned by Paym found that approximately 66% of the population of the United Kingdom is aware of mobile payments. Of these, 52% of consumers are aware of Paym. Awareness of mobile payments has been growing relatively modestly over the past few years, though as people become more aware of this practice they are showing strong favor for it. Paym is beginning to attract more attention because of the growing awareness of mobile payments.

Paym may experience some strong competition once Apple launches its mobile payments service in the UK

Paym is not the only mobile payments service that is available in the United Kingdom, but it is one of the most popular. The service is expected to continue attractive users over the coming months, reaching new heights of success and establishing a strong foothold in the competitive mobile commerce market. Paym may experience some turbulence from Apple Pay, which is expected to launch in the United Kingdom later this year.