It’s estimated that over two-thirds of smartphone owners now use their mobile device to shop online, according to a survey from eDigitalResearch. As mobile commerce continues to increase each year, safer and more convenient mobile payment options have arisen as a result. The following are a few key trends in this department to keep an eye on.
The Mobile Wallet
One of the technologies that are growing in leaps and bounds is the concept of the mobile wallet. At the moment, there is no standard version of this service, but it essentially stores all of the information that you would put in a regular wallet in your mobile phone. This includes your coupons, customer cards, and debit and credit cards. Some services store the data on the physical phone, while others store it in the cloud. Google is one of the most recent companies to offer a mobile wallet, upping the security factor by storing financial information separately from the phone’s main hardware. At the moment, 20% of smartphone owners have already used some form of a mobile wallet.
Use in Ecommerce
More and more ecommerce shops are integrating with mobile payment systems, and optimising their websites for mobile users. This trend makes sense for the type of business that exists primarily online. As mobile sales increase, ecommerce business owners are wise to enable mobile payments. Paypal, a common payment system for ecommerce websites, has just introduced a mobile payment program called “Paypal Here,” for example. Popular ecommerce platforms like Shopify allow users to integrate mobile payments into their checkout process.
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Coupons are Big Business
Groupon, Living Social, and Google Offers are just a few electronic coupon services that can now be accessed online. These have become further integrated with mobile devices. Groupon’s Now program allows users to access deals based on their current location on their mobile device. Many ecommerce businesses are also providing special offers, discounts, and promotions solely through mobile marketing, such as discount codes sent through a text to be used online in the shop.
Tablet Use is On the Rise
Tablet users are the consumers most likely to embrace new mobile commerce technology, and they are growing in numbers. Apple iPads are the most popular models, and ecommerce entrepreneurs are designing apps and websites specifically for tablets. Google Catalogues is one program that is designed just for tablet users, allowing them to go virtual window-shopping using their mobile device.
This billing system allows mobile phone users to pay for apps and mobile phone purchases directly through their phone, rather than using third-party payment systems or credit cards. Transactions can be validated with text messaging. Many large carriers already offer this payment system, including Sprint and Virgin Media.