2015 Mobile Payments Trends to Watch Out For

Recently, the Global Mobile Money report observed 15,000 mobile users across 15 countries didn’t shock anyone when they showed that mobile banking and mobile commerce continues to grow quickly. About two-thirds of mobile media users have completed transactions using their smartphones and 69-percent said that they use their phones for banking. For the study, the 2015 mobile payments trends were determined as in-store payments using smartphones, online payments, and peer-to-peer payments.

Although the prevalence of mobile commerce and banking is not surprising, these other results do lend some insight into the 2015 mobile payments trends:

In-Store Mobile Payments are Still a Small Slice

The report revealed that only 12 percent of respondents said that they had made a mobile payment in a store within the last six months. Only 4 percent used NFC and the remaining 8 percent used the merchant’s app.

Social Media is the Next Big Revenue Stream

Social media is everywhere and it is not going anywhere. Already nearly a quarter of feature phone users (a mobile phone that has the ability to access the internet and play music, but not as advanced as a smartphone) and 15 percent of smartphone users reported that social media is their primary destination for online shopping.

Security is Still a Concern

Consumers are still concerned about security threats with mobile commerce, with 34 percent reporting that it is at the top of the list. The breakdown goes like this: 19 percent don’t trust security systems put in place, nine percent are afraid of exposing too much personal data, and six percent don’t trust the merchant.

People Want to Shop In an App More Than On a Site

In the study, 56 percent of respondents said that they prefer to make a purchase within an app to doing it on a mobile site. As ecommerce moves into apps, some are speculating that message apps (the most popular category of apps) may be the next purchasing platform.

Shopping On Your Site (or In Your App) is a Second Screen

The vast majority of respondents, 94 percent, said that they were using another form of media with a screen while browsing sites and social media on their phones. The most common first screen is the TV, bringing in 42 percent. Of the people using second screens, 14 percent reported they were shopping online.

Convenience Matters

Consumers really value seamless authentication and a smooth transaction. The report shows that 32 percent of respondents believe that mobile payments are convenient and they appreciate a speedy checkout.

Experience Payments Differently