Telecommunications and technology companies, along with financial institutions, have been locked in a battle to establish dominance in the budding mobile commerce industry. The industry relies heavily on NFC technology, which allows consumers to make purchase from their mobile devices. Consumers have responded well, thus far, to the prospect of their mobile devices becoming a payment platform, but there is a problem keeping mobile commerce from mass adoption. The problem is that NFC technology is available only to a precious few smart phones – those equipped with microchips that allow…
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Pilot program from PayPal allows Home Depot customers to pay with a mobile wallet
PayPal, an eBay company, is preparing to make its first announcements about a new partnership that it has started with Home Depot Inc., which will allow the home improvement chain’s customers to use its new mobile wallet system to pay for purchases, in direct competition with credit cards from Visa Inc. and MasterCard Inc. According to a PayPal spokesperson, Anuj Nayar, this new deal between the two giants represents the first time that PayPal has achieved a retail partnership that will allow consumers to make payments using e-commerce tools at…
Read MoreMobile payment isn’t being adopted as quickly as originally anticipated
Though many major international companies such as Google, banks, payment processors, and retailers such as Toys R Us and Gap, are working together to offer customers the ability to use their mobile devices to pay for their purchases, a recent KPMG study is showing that it will still be another few years before the payment method truly goes mainstream. In fact, the study’s results indicate that only 23 percent of consumers are currently willing to use their smartphones to complete a payment transaction instead of cash, credit, or debit. Within…
Read MoreVerizon Wireless shuns Google’s Wallet – hope still lies with Sprint
Telecommunications giant Verizon Wireless has announced that it will not support Google’s ambitious mobile payment applications, called Google Wallet. Verizon is set to compete with Google for control of the emerging mobile commerce industry. The company is part of a triumvirate, which included AT&T and T-Mobile, which is working to build the mobile payment platform known as Isis. With Verizon choosing not to support Google’s platform, the technology company’s last hope remains with Sprint. Google has worked hard to promote its mobile payment platform and consumers have shown some favor…
Read MoreSouth Korea to test NFC payments in busiest market in the nation
NFC-powered mobile wallets are getting their first large scale, real world trial in Seoul, South Korea. The city is home to one of the busiest marketplaces in the world, known as Myeong-Dong Street. Hundreds of shops line the street, making it a prime testing ground for the performance of mobile payments. The Korea Communications Commission has teamed with several telecommunications companies, such as Samsung and Nokia, to bring NFC terminals to more than 200 stores lining the street. Smart devices are becoming very popular in South Korea. The number of…
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