Tag: china mobile commerce

LG Uplus to launch a new mobile payments service in Asia

| August 15, 2014

Telecom prepares to launch a new mobile commerce service that will head to China before breaking into other markets

LG Uplus, a telecommunications company based in South Korea, has announced that it will begin offering a new mobile payments service in foreign markets. The first market tor receive access to the new service is China, where mobile commerce adoption is accelerating. Demand for new services is on the rise throughout Asia, powered by the growing adoptions of smartphones and tablets. New devices are coming to the market pre-equipped with mobile shopping and payment applications, further exposing people to the concept of mobile commerce.

Paynow service aims to provide consumers with more convenience in their mobile shopping

The Paynow Plus service is being upgraded in order to make it more capable of handling the needs of mobile consumers. The service is equipped with personal authentication options, allowing users to keep their financial information secure. It is one of the first mobile payments services to successfully pass South Korea’s Financial Services Commission review, meaning that the service complies with the financial and security regulations that the country has in place.

Simplicity often determines the success of mobile commerce services

Mobile Payments Service launched in AsiaConsumers are not only interested in mobile commerce services in general. They want to use services that are simple and convenient. Platforms that have proven difficult for consumers to operate have failed to find success in the mobile commerce space. Those that have set convenience and simplicity as a priority have managed to attract strong support from mobile consumers.

Paynow may be able to compete with well established platforms in China

China is one of the most active markets in the mobile space. The country is filled with mobile payments services, all of which are competing with one another for the attention of consumers. Companies like Alibaba and Tencent have established a strong presence in this sector, which may make it difficult for the Paynow service to find traction with new consumers. Despite this, LG Uplus believes that the service will be welcomed to those seeking alternatives to the mobile commerce solutions that already exist.

Consumers want more from mobile payments

| July 10, 2014

Many consumers have high expectations that have yet to be met

Engaging consumers in the mobile space is proving to be quite difficult, especially where commerce is concerns. Reputation Leaders, an independent research firm, conducted a study between April 29 and May 20 of this year. Some 15,000 people between the ages of 18 and 64 from 15 of the world’s largest markets were surveyed and the firm found that there are significant variances in mobile payment activity throughout the world. The study suggests that consumers in these markets are expecting more from the mobile commerce space, but they are being let down.

Study shows that China leads the way in mobile commerce activity, followed by Russia

According to the study, China leads the way in terms of mobile commerce activity. Some 90% of respondents in China said that they use their mobile devices to purchase products and services regularly. Russia comes in second, with Brazil and Turkey following. Despite the high number of people participating in mobile commerce, the payments process remains somewhat cumbersome. In China, 35% of consumers want mobile payments to be easier than they are currently. If payments were easier, more consumers would likely participate in mobile commerce.

US consumers want to see more businesses embrace mobile commerce

mobile payments - consumersIn the U.S., 54% of respondents to the survey believed that small businesses could benefit from mobile and digital commerce. If mobile payments were easier, more businesses throughout the country may benefit, as cash flow would become smoother and somewhat more reliable. Mobile consumers are a large demographic that is growing quickly. These consumers account for a great deal of commerce potential, but relatively few businesses are engaging these consumers in an effective manner.

Technology could help make commerce more convenient for consumers in general

A similar study from PayPal found that 70% of consumers throughout the world felt that technology could make commerce much simpler than it is currently. Mobile technology, such as QR codes and NFC, could streamline commerce, creating easier ways for consumers to pay for goods and services and take advantage of the convenience of mobile commerce.