With fine new technologies setting up and fresh gadgets unveiling each day, the field of mobile commerce is experiencing a significant growth impact in all possible ways. This scene has consequently resulted in the escalation of two prominent trades, mobile advertising/marketing and mobile wallet/payments. With these two biggest buzzes, it is clearly predicted that the mobile commerce industry will stay in the success space for a couple of years. 2013 promises to be the year of mobile advertising and mobile wallets! Yup, the mobile industry’s horizon is expected to gain by leaps and bounds in terms of production, distribution and content delivery methods. Read further as we’ll be discussing on the impact mobile payments and mobile advertising will create this year or probably the next!
Mobile Payments/Wallets – The Trend Today
Mobile wallets – The name might or might not be new to many. Mobile Wallets (in other words, termed as mobile payments) is already on the pace these days as customers find this payment system to be more comfortable than any other modes of payment. Several arguments are taking place on whether the mobile wallet will overtake the traditional forms of payment this year. Though the system has covered the interests of several millions of individuals already, still there are people who are not ready for digital payments. Right from the time when mobile commerce became popular and powerful in 2012, consumers started to believe that they become more comfortable with making mobile purchases. Hence it is clear that mobile payments got stubborn in the past years itself.
And now, this year, in what way is mobile wallet or digital payment is going to witness growth. While on one thought it looks like there will never be a universal mobile wallet, on the other side, companies like ISIS, Apple, and Google are investing on the future of mobile/digital payment. Also, last November MasterCard partnered with mobile interface C-SAM. The biggest credit for the existence of mobile payments goes to businesses such as Amazon, Paypal, Google and Starbucks. These businesses stand as the major reason for customers to use mobile devices to make their purchases. The above mentioned companies provide on the go facilities, single-click options and online checkout services which speeds up the process for consumers without making technology much complicated. With this being the primary way to gain digital payment support, company can easily perfect on the go payments in order to augment the popularity of the digital payment idea.
However, there are certain questions that knock our brains when we use phone as our means of payment. Is that really safe? In case we lose our phone, will someone access our bank account? Which one is the best? Do all the businesses accept this means of payment? Go through the below options which are good in finding answers to the above questions.
Google Wallet allows you to change your mobile phone into a virtual wallet through which you can tap and play. It is a free android app available on Google play and uses the NFC (Near Field Communication) technology to transmit your payment details in a safe and wireless manner. Once you tap the contactless reader, you will receive the confirmation of your payment from the app. Your payment info is already store and hence when you shop online, you can just sign in to your account and use the info to make a purchase. There is also a Google wallet pin feature that encrypts the storage of card numbers and has the ability to disable a lost wallet.
ISIS payment system is also based on the NFC technology. It has options to select payment cards which include American Express, Chase and Capital One. Additionally the wallet also holds loyalty cards like CVS and Kroger. Like Google Wallet, ISIS version is also pin protected and can be held back if the phone is lost or stolen. It has a special chip on the phone called ‘secure element’ to store the payment card credentials and change the security codes instantly to prevent the counterfeiting of cards.
Though it is not a wallet actually, it almost serves the same purpose as that of wallet. Apple Passport includes Starbuck’s mobile payment application. The app also holds target loyalty card application and henceforth makes the payment easier. iPhone geo location sensor is accompanied in this app to provide location based payment services.
Analyzing this mobile wallet industry closely, it is apparent that huge companies are relying on ways to improvise the mobile payment modes. Researchers guess that ‘2013 might be probably the year of mobile wallets or digital payments’.
Mobile Advertising/Marketing – The Trend Today
Well, the industry is surely expected to grow ten times by the year 2015 and is nearly making around $10 billion. “Though mobile advertising will still be smaller than web advertising, cable and broadcast this year, it is expected to witness a growth rate of 35 percent this year”, says Jonathan Weitz, partner at IBB consulting. He also says that cables are not going to withstand for too long on the market and the day is near when mobile advertising is going to replace it. Experts say that most effective and profitable mobile ads are only capable of targeting users anywhere anytime. Mobile commerce growing on a faster rate than industry experts and analysts had anticipated. Now-a-days Androids are becoming much potent and persuasive in the field of mobile advertising. It seems that most of the mobile advertisers and developers are interested on the android robot than on the bitten apple. As a whole experts conclude that ‘mobile advertising is sure to emerge big, but this year might not be the time and maybe the next’.
Discussing the two cases, one thing is very clear. The power mobile commerce has taken in today’s world has given the spaces for mobile wallets and mobile advertising. Though mobile advertising has to wait for a while to grab the gold bars, mobile wallets is already ahead to reach the milestone first.