Tag: worldpay

Study highlights the growth of mobile payments through 2017

New report paints a promising future for mobile commerce worldwide

Mobile Payments Study - 2017WorldPay, a payment service provider based in the United Kingdom, has released a new report, called “Your Global Guide to Alternative Payments,” concerning the potential future of the mobile commerce space. Mobile payments have been growing in prominence throughout the world and as more consumers gain access to smartphones and tablets, they are beginning to show more interest in shopping with these devices. Wearable devices, such as smartwatches, are also coming into play, providing further accessibility to the mobile commerce space.

Mobile commerce market expected to reach $117 billion by the end of 2017

The report from WorldPay predicts that mobile payments will reach $117 billion worldwide by 2017, a major increase from the $18 billion recorded in 2012. Mobile commerce is expected to make up at least 3% of the global e-commerce market by 2017. The report highlights the growth in popularity of mobile wallets, which consumers are using to manage their finances on a mobile device. These platforms are capable of storing and accessing financial information. This information is used to complete a mobile transaction.

Smartphones continue to be the most prominent mobile commerce platform in the world

Smartphones are currently considered to be the most popular mobile commerce device, but tablet devices are beginning to gain more support from consumers. Many people have reported a more favorable experience when shopping from a tablet device over a smartphone. Despite this, smartphones are expected to continue leading the way in mobile commerce, especially in the Asian market where smartphone penetration is accelerating at a rapid pace.

Security remains one of the most serious issues facing the mobile commerce sector

The report shows that consumers are becoming more comfortable with mobile payments despite high profile security issues that have been somewhat common in the past. Mobile commerce platforms are becoming more capable of protecting consumer financial information, thereby making them more likely to participate in online shopping from a mobile device. While security for many platforms has been improving, many people have still expressed their concerns regarding the safety of mobile commerce in general.

Mobile payments grow among airlines

Report shows that airlines are becoming more accepting of mobile commerce

Airlines are beginning to embrace mobile commerce, according to a new report from WorldPay, a payment processor focused on aviation. Consumers are becoming more focused on mobile technology and device ownership is growing at a rapid pace. As consumers become more reliant on smartphones and tablets, they are beginning to demand services that accommodate these devices. As such, airlines have been working to provide better services to mobile consumers, including providing them the ability to pay for tickets and other services with their devices.

57% of airlines believe in the potential of mobile payments

The report compiled data provided by 56 global airlines, finding that mobile payments are becoming a key focus for 57% of these organizations. The majority of these airlines believe that mobile payments show the greatest potential of driving up revenue over the next two years compared to other forms of payments. The report shows that mobile payment acceptance has grown by 25% among airlines since the beginning of 2013, up 10% over what it had been in 2012.

Airlines continue to focus on mobile technology

mobile payments airlinesAirlines are not strangers to mobile technology. Many have been leveraging QR codes and other such tools to engage consumers in a more dynamic way. QR codes have also begun to adorn tickets and are often used to provide information concerning a consumer’s itinerary. Mobile payments are a relatively new field for airlines, however, and there are many challenges to consider before companies can find success in the mobile commerce sector.

Security remains a major issue

Mobile commerce has long been plagued by serious security issues. Because mobile devices are becoming popular traffickers of financial information, hackers have begun to show a great deal of interest in the mobile sector. Several mobile commerce platforms have been targeted by hackers seeking to exploit a consumer’s financial information, pressuring companies to take security much more seriously than they had in the past.