The mobile payments revolution is stalling

Mobile Payments trends

Mobile commerce proves to be a difficult market to understand

Mobile commerce may be growing more popular, but mobile money has yet to become revolutionary. Over the past few years, society has become more reliant on mobile technology. People around the world are using their mobile devices more frequently in their daily lives, using these devices to communicate, access the Internet, and shop online. While mobile shopping is gaining ground with people throughout the world, mobile payments have yet to become the revolution that many people believe it is.

Consumers are showing little interest in mobile wallets

While consumers are showing some interest in mobile commerce, the companies that have invested heavily in this space are finding it difficult to find any degree of success. Even those that have managed to acquire success are finding it challenges to overcome some of the obstacles that exist in the mobile space. Square, which is widely considered to be one of the most successful mobile payments companies in the world, recently shut down its Square Wallet application. The app had aimed to revolutionize commerce by allowing people to pay for products with little more than their mobile device. The problem, however is that many consumers simply had no interest in the application. This disinterest is seen throughout the mobile wallet market.

Large companies are having trouble engaging mobile consumers

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Mobile PaymentsLarge organizations, including Google, Visa, PayPal, and AT&T have also tried to break into the mobile payments market, some with more success than others. Many of these groups have placed their bets on mobile wallet platforms, which have failed to find support from a wide range of consumers. These companies are either abandoning their wallet applications or revising them to be more accommodating to the interests of consumers.

The mobile payments revolution may not actually be here

As mobile commerce continues to gain attention, companies are fighting to figure out what consumers are actually interested in. These companies are changes their services and products based on the wants and needs of mobile consumers, but these consumers have responded poorly to new platforms that are either too complicated or simply not enjoyable to use. If this trend continues, mobile commerce may not ever actually live up to the revolutionary status that many people have attributed it with.

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One Thought to “The mobile payments revolution is stalling”

  1. Thomas Yost

    I don’t think mobile payments, as an industry at least, is stalling. I think certain mobile payment solutions providers (I’m look at you Square) are disappointing a lot of people – people who haven’t yet turned to better mobile payments solutions providers (I’m looking at you PayAnywhere). Give it time!

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