Mobile payments have become more than a novelty Mobile commerce has blossomed from an unassuming novelty trend to a phenomenon that is, quite literally, forcing businesses to revamp their business models. Global society is becoming more reliant on mobile technology and mobile devices are becoming more fundamental to the daily lives of people everywhere. New generations are growing up utterly saturated in technology and digital media, creating an environment wherein separation of these two things seems all but impossible. As people become more reliant on mobile devices, they are looking…
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Mobile payments fees could break the $37 billion mark in 2 years
Revenues through smartphone and tablet based banking, money transfers and remote payments are skyrocketing. According to a recent study by Informa Telecoms & Media, service revenues or fees for various mobile payments services could break the $37 billion mark by the year 2016. Newly released m-commerce data has shown that these transactions could skyrocket over the next two years. The report from Informa suggested that the mobile payments markets that stand to enjoy the greatest opportunities in earning service fee revenues are in remote transactions for services and products, as…
Read MoreMobile payments now being accepted by Facebook in three countries
Carrier billing transactions are now permitted in Germany, the U.K. and the U.S. Facebook has just announced that they will now be accepting mobile payments for the purchase of mobile products and services through American, German, and British carrier billing. This new purchasing opportunity is being powered by Bango. Facebook is hoping that this will bring a revolutionary new way to make mcommerce purchases of virtual products and services, no matter where the consumer may be at the time. It has also given Facebook the chance to use its own…
Read MoreBump Pay app allows smartphone owners to exchange funds
Bump Pay, the second app by Bump Labs, has brought the company into the mobile payments market, allowing its users to tap their phones together in order to exchange money. The Bump Pay app has been developed based on the core technology of the company, which gives two smartphones the ability to transfer data to one another simply by tapping them together. This differs from near field communication (NFC) – which is the foundation of the Google Wallet – in that it requires the two devices to make physical contact…
Read MoreGoogle makes new fee-splitting offer to carriers to increase adoption of Google Wallet
Though Google Wallet found its start last year to launch that company’s entry into the mobile payments sphere, the service has failed to take off as expected, due to the large amount of competition and its reliance on NFC technology, which remains limited among handsets. In order to overcome some of the struggles presented by those hurdles, reports are indicating that Google has been considering making cost sharing offers to carriers such as AT&T and Verizon Wireless, to entice them to adopt the technology so that Google Wallet will increase…
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