Consumer catalysts for mobile payments
A February 2012 white paper by research firm Park Associates estimated that all mobile payment technologies combined processed over $10 billion in transactions in North America in 2011. According to the paper Mobile Payment - Stepping into Uncharted Territory, 50 percent of U.S. households with broadband own smart phones, and just over 50 percent of those expressed interest in having mobile phones with bar code scanning functionality.
Park Associates also determined that 80 percent of current U.S. mobile phone users have web browsers on their mobile phones. Roughly 37 percent of those surveyed found the concept of a mobile wallet appealing, particularly among younger users and those owning smart phones.
"For consumers, the most attractive benefit of mobile payment apps is they reduce the number of credit cards they have to carry," stated Harry Wang, Director, Mobile and Health Research for Park Associates. "The mobile phone is the main device people use to organize their lives, and mobile payment solutions offer significant conveniences, including organizing receipts and eliminating the need to carry cash."
The white paper also explores new developments in mobile payment technologies and solutions, and analyzes current and future benefits to consumers, mobile carriers, small to midsize businesses, brick-and-mortar merchants, and mobile application and solution developers.
Topics covered in the paper include:
To download a copy of the Mobile Payment - Stepping into Uncharted Territory paper and to view other Park Associates white papers, visit:
- Market segmentation and key players
- The consumer perspective
- Market growth projections
- U.S. market growth catalysts, prospects and potential leaders
- Mobile/digital wallets
- NFC solutions, bar code applications and other payment options
A Consumer Electronics Association study revealed more than one third of mobile product owners use their devices to conduct mobile commerce. While 9 out of 10 U.S. consumers own a tablet, smart phone or cell phone device, widespread use of the devices for payments could be delayed until concerns about data security have been resolved.
Source: Consumer Electronics Association, The Mobile Commerce - Reinventing the Way Consumers Shop
"Consumers worldwide are increasingly willing to adopt new technologies and digital business models, and that spells big opportunities and risks for service providers, retailers, media companies, banks and the host of other players vying for a piece of the digital value chain."
- Sean Collins, Global Head, KPMG Communications and Media
Source: KPMG International Cooperative, Consumers and Convergence 5: The Converged Lifestyle
Hospitality embraces POS innovations
Hospitality Technology's annual POS Software Trends 2012 report delves into the hospitality industry's top priorities for POS software innovation. Speaking with leading POS software developers, HT found most were focused on launching options to help mobilize operators and connect them directly with customers to enhance visibility enterprise-wide. Social media and cloud computing are also expected to continue to dominate software development in this sector.
Riding the NFC wave
According to MarketsandMarkets' Near Field Communication (NFC) Market - Global Forecast & Analysis (2011 - 2016) report, which projects the future market for NFC chips, tags, readers and NFC-based, micro secure-digital cards - mobile payments will be the most attractive application for NFC technology through 2016, as will access control, ticketing, advertising and data sharing applications.
Maximize tradeshow ROI
With the tradeshow season in full swing, preparation and execution are top of mind for payments industry exhibitors. A 19-page Matrix Impact white paper, The Impact Trade Show System, opens with the question: Are you getting the ROI you need from your tradeshow investment? The paper is filled with tips for preshow planning, including how to draw attendees to your booth, sales targeted questions for booth visitors and effective post-show strategies.