Wearable devices could cause a revolution in the mobile payments market
Wearable devices are becoming more common and these devices are being lauded for their potential to change digital commerce. While smartwatches and other such technology may not have found commercial success yet, companies like Apple are pushing to ensure that this will happen in the near future. Whether or not wearable devices will revolutionize mobile commerce, however, is unclear, but Visa believes that wearables could be a driver for growth in mobile payments.
Apple continues to galvanize the mobile commerce space in the US
Apple has helped draw more attention to the mobile payments space with the launch of its own payment service, called Apple Pay. This service has proved to be galvanizing, spurring more activity in the mobile commerce market and allowing more consumers to participate therein. Apple Pay is only available in the United States, however, which leaves Europe, one of the most prominent mobile payments market, with a wealth of other payment services that are also proving quite successful.
Wearables could play a major role in driving growth in mobile commerce
As wearable devices come into play, they may have a dramatic impact on the mobile payments market. These devices could make it easier for consumers to pay for the products that they want to purchase. Notably, Europe has the largest mobile payments infrastructure in the world, with more than 500,000 merchants accepting mobile transactions in Spain alone. According to Visa, wearables may be a driver for growth in the mobile commerce space in Europe, at least for the short term.
2015 could be the year when mobile payments find mainstream success
Visa predicts that 2015 will be a major year for mobile payments. Consumers are becoming more comfortable with the concept of paying for products with their smartphones and tablets, but some are seeking to ability to use wearables to pay for products as well. If popular, these devices could become a prominent mobile commerce tool, but there is no telling whether or not consumers will opt to purchase these somewhat costly devices.