Tag: mobile commerce news

NatWest mobile payments service has an unfortunate glitch

| March 2, 2016

Consumers continue to worry about the security issues associated with mobile commerce

Mobile commerce is growing in popularity, but this does not mean that new payment platforms are perfect. Over the past few years, consumers interested in mobile payments have expressed concern regarding security issues. Primarily, consumers are worried that their financial information is at risk of being exploited if they make use of a mobile payment service. This has been true in the past, as malicious groups have targeted such services and have gained access to sensitive information.

Some cash through Paym is going to the wrong accounts

NatWest, the United Kingdom’s largest retail and commercial bank, admits that mobile payments are not perfect. The bank’s own service, called Paym, is included in this, with the bank noting that, at times, money could be put into the wrong account due to a glitch. Before consumers can use Paym to make a purchase, they must funnel money into their accounts that are linked to the service. The glitch caused this money to be sent to accounts that were not linked to the service, much to the surprise of the owner of that bank account. NatWest is now working on fixing this problem in order to ensure that money goes where it is meant to.

Paym has become very popular among consumers

Mobile Payments ProblemPaym launched in April of 2014 and more than $150 million in payments have been sent through the service since that time. Approximately 40 million people use the service, making it one of the most popular services of its kind in the United Kingdom. Paym does not only work with NatWest accounts, of course, and those with accounts with Barclays, Lloyds Bank, and several other organizations can use the service.

Glitch highlights security concerns that exist in the mobile commerce space

The glitch suffered by Paym highlights ongoing concerns regarding the mobile commerce sector. Because new payment systems are electronic and, in many cases, automated, they are susceptible to faults in software. Glitches can lead to a major financial impact for consumers and businesses alike, which could result in liability issues for organizations responsible for these payment systems.

Australian retailers are having trouble in the mobile commerce space

| February 29, 2016

Retailers are falling behind when it comes to engaging mobile consumers

Australian retailers are struggling to embrace mobile commerce. Episerver has released a new report that scores 20 of Australia’s major retailers in terms of their mobile offerings. These retailers have become heavily involved in the mobile space, providing consumers with the ability to shop online with their mobile devices. Consumers can also use their devices in physical stores to research and purchase products that they are interested in. While retailers have become involved in the mobile space, they are finding it difficult to effectively engage consumers in meaningful ways.

Consumers enjoy the mobile experience provided by top retailers

According to the report, The Iconic, one of Australia’s largest retailers, has the best mobile experience. Approximately 66% of consumers said that they enjoyed their shopping experience through the retailer’s mobile platform. Kogan, another retailer, came in second in terms of customer satisfaction, with 64% noting that they enjoy the retailer’s mobile efforts. While Kogan is second overall, the majority of consumers appreciate the company’s mobile website. Approximately 73% of consumers say that Kogan has the best mobile website of all retailers in the mobile field.

Australian retailers are falling behind those in other countries

Australia Mobile CommerceWhile some of Australia’s top retailers have found some success in the mobile space, these companies are lagging behind those in other countries. The report shows that Australian retailers are performing 34% worse than retailers in other countries, as they are finding more success in the mobile commerce space. The mobile space has proven to be a competitive market, with consumers unwilling to use platforms that they do not enjoy.

Mobile consumers are still worried about the security of mobile payments

Mobile commerce has become a very powerful force in the retail space. In Australia, banks have been supporting mobile payments aggressively, finding some success among consumers that rely heavily on their smartphones and tablets. Consumers are somewhat wary of mobile payment platforms, however, due to security concerns. This is something that retailers have had to overcome over the past few years.