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Target to develop its own mobile payments platform

Target is developing its own mobile platform that will allow consumers to shop with their smartphones

Major retailer Target may be working on its own mobile payments service, which will allow it to better connect with consumers using smartphones and other devices. Target is the fourth-largest retailer in the United States, but it has yet to establish any significant presence in the mobile commerce space. The company had intended to use a platform developed by the Merchant Customer Exchange, but the organization has been slow in developing its mobile payments service for retailers.

New platform will serve as a type of digital wallet, storing information for consumers

While Target may be developing its own mobile payments platform, the company has not announced plans concerning the launch of the platform. It would allow consumers to pay for products with their mobile devices, however, and it will also serve as a type of digital wallet. The platform will store information provided by Target, such as discounts, and consumers can use the product to store their financial information, making the purchasing process more convenient.

Target will compete with other companies involved in the mobile payments space

Mobile Payments TargetTarget entering into the mobile payments field could bring more competition into the market. Companies like Apple, Google, and Samsung have already established footholds in this market, but they are finding it difficult to effectively connect with mobile consumers. Retailers are finding its particularly challenging to convert mobile shoppers into paying customers. By developing their own mobile payments platforms, however, they may be able to provide a more enjoyable experience for consumers that may help solve this problem.

Walmart is also developing its own mobile payments platform

Target joins Walmart in the development of a mobile payments platform. Walmart believes that its platform will allow it to better connect with mobile consumers, whom are beginning to rely more heavily on their mobile devices to get their shopping done. More retailers are expected to follow suit, developing their own mobile payments platforms while also making use of those developed by other companies. Whether or not these platforms will become popular among consumers has yet to be seen, however.

Mobile commerce spending to grow during the holiday season

Online payments to reach $70 billion during the 2015 holiday season

Consumers in the United States are expected to spend a combined $70 billion during the holiday season this year, according to a new report from comScore. This money is expected to be spent at stores like Amazon, eBay, and Walmart, with many shoppers opting to make their purchases online, either from their mobile devices or from their traditional computers. The report from comScore suggests that mobile commerce will have a major role to play this year.

Mobile commerce is growing quickly as consumers become more involved in shopping online

The report shows that online spending will increase by 14% this year over what it was in 2014. While comScore suggests that this is a “marginal” slowdown, it does note that many consumers are beginning to focus on mobile commerce. These consumers are using their smartphones and tablets to make purchases online, which they see as convenient, especially during the holiday season. Retailers have also become more involved in mobile commerce, hoping to engage a new generation of consumers that have become heavily mobile-centric.

Amazon to lead the way in the growth of e-commerce

Mobile Commerce & Online Shopping - AmazonAmazon is expected to lead the way in online purchases, accounting for some 20% of all e-commerce sales this year, according to the report. Walmart and eBay will follow behind, with smaller retailers finding some success by engaging mobile consumers. E-commerce, as a whole, will account for approximately 15% of all discretionary spending during the holiday season. The report from comScore suggests that the e-commerce sector will continue to prove to be more dynamic than the physical space.

Retailers are beginning to prioritize mobile commerce

Mobile commerce is becoming a powerful force in the retail space, driven by the growing number of options that consumers have available to them and the interest that they have in shopping online with their mobile devices. In the coming year, retailers are expected to become more involved in the mobile commerce space, leveraging the power of mobile devices to engage mobile consumers.