Mobile payments gain momentum

Recent industry report indicates that mobile payment incidents have increased over the past year.

The Mobile Payments State of the Industry Report – 2014 says that there has been a 29% increase of smartphone users in the past year and that 93% of them have said that they use their phones to access the internet.

While mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in card-present environments are still low, more people are using their mobile phones for online shopping with 60% of respondents reporting that they shop using their smartphones compared to 41% last year. The report also specifies that 46% expressed interest in peer-to-peer payments which is almost twice as many as were revealed in last year’s report.

Mobile payment adoption is growing legs more slowly than was predicted in the industry but is expected to reach its widespread target within 2-5 years.

In an article published recently by Payment Magnates, we sited data by Mobile Commerce News saying that mobile payments are more prevalent in the US than in the UK. The data also suggests the ease of checkout, transaction reliability and the customer experience as a whole, are all contributing factors to consumer adoption of mobile payment methods.

Even Facebook who says that, “Mobile is…where our customers are going in the future,” is taking the imminence of mobile payment into consideration with the recently announced launch of Autofill Billing. This is also true for PayPal who has bought Braintree, in recognition of the upcoming force of mobile.

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