Tag: mobile payments applications

Shoppers still aren’t sold on mobile payments for holiday purchasing

A recent Bankrate.com survey has shown that mobile wallet apps still won’t go mainstream this year.

The results of a survey conducted by Bankrate.com have now been released and have revealed that, for the most part, adults in the United States don’t plan to use mobile payments in order to pay for their holiday shopping purchases.

In fact, the research showed that only 14 percent of U.S. adults said they’d use a mobile wallet this holiday season.

Among the reasons the Bankrate.com survey found were standing in the way of the use of mobile payments by American consumers, there was one that stood out the most. Many shoppers simply don’t feel that using Android Pay, Apple Pay, Samsung Pay and other mobile wallets is safe. In fact, 36 percent of the participants in the survey said they were worried about the security of these mobile apps. The survey involved the participation of one thousand adults in the United States.

Aside from security, another concern people had about mobile payments was about convenience.

mobile payments - Point-of-sale SystemAnother 31 percent of the survey’s respondents said that they felt that other types of payment method would be more convenient for them to use than mobile wallets.

While Apple Pay, the mobile wallet from the iPhone maker, saw a great deal of media attention when it first debuted in the United States, last year, it hasn’t seem to have taken on a very powerful charge as many had expected. Some had predicted that Apple would pave the way for smartphone based payments as a whole. However, none of the wallet apps have really caught on with mainstream consumers.

The data from this survey only further underscored the great distance that this mobile technology has ahead of it before it can be considered to be a major part of the transaction industry in the country.

Still, as much as mobile payments may not be here yet, it is still expected that they will one day play an integral role in the American retail transaction system experience and that this day will not be long off. The shakeup has already begun as many retailers update the point of sale tech.

eBay mobile payments app finds success with young adults

New payments application is helping eBay become more appealing in the mobile space

Leading online retailer eBay has been putting more focus on the mobile sector in recent years. Much of the company’s efforts in the mobile field are being handled by PayPal, but eBay has also been flexing its own proverbial muscles in the mobile space, hoping to promote mobile payments among young adults. eBay’s Venmo peer-to-peer payments application has seen strong growth recently among this demographic, which suggests that the company’s efforts may be paying off.

Venmo finds success among college students thanks to its social networking features

Venmo has become quite popular with young adults on college campuses. Many people are using this application to settle debts among one another or split the cost of meals at restaurants. The application is designed more like a social network than a typical payment processor. Venmo boasts of a news feed that tracks transactions that users want to share publicly, but does not show the actual amount being paid. Users can interact with one another in a manner resembling Twitter while also seeing what their friends are purchasing and what they have to say about those products.

Voyeurism helps boost the attraction of eBay’s mobile application

eBay - Mobile PaymentsSocial network voyeurism is nothing new. It is quite common for people to browse the social feeds of their friends to see what they are doing on a daily basis. Indeed, this is one of the primary reason social networks are so popular. eBay claims that this voyeurism is what makes the Venmo application so popular among young consumers as it reinforces the application’s network effect.

Venmo will have to compete with other mobile payments platforms in order to become a success

Venmo is still relatively new to the mobile payments field. Though the application has managed to find a degree of success, it still must compete with other, more popular platforms before it can be considered a competitive mobile commerce platform. Both Google and Square currently represent some of eBay’s most challenging competition in the mobile field and these two companies will not be easily beaten.