Tag: mobile payments

Recent research shows that this generation uses their devices even when in real world shops.

According to the results of a new study, 84 percent of millennials are using in-store mobile commerce. This means that despite the fact that they’re shopping in a bricks and mortar store, they’re also using their smartphones. That statistic only underscores the importance of retail mobile features.

The “mobile generation” is heavily influenced by the use of their smartphones while in store.

That said, even though many millennials are shopping using in-store mobile commerce, retailers shouldn’t feel threatened. This, according to Alliance Data, the firm behind the study. Alliance Data says this is an opportunity for retailers to benefit. If merchants embrace the use of mobile shopping by customers while they are in-store, they may be able to better guide the experience. This could provide them with a significant advantage.

The majority of millennials use in-store mobile commerce to find cheaper or easier ways of buying.

Knowing this can mean that retailers may be able to use the mobile shopping experience to prove they’re the best option. The survey data showed that one in three (34 percent) of millennials use their mobile devices to check product information. More than one in five (22 percent) use their smartphones to talk to friends about a product or service they’re considering.

“Retailers need to embrace mobile as part of the path to purchase,” said Alliance Data senior analyst of strategic insights group, Tom Colven. When a shopper is using a smartphone for shopping purposes while in-store, it is likely that they are trying to determine whether the store’s price for a certain product is a good one and what their peers think of the purchase. “Any brick-and-mortar retailers that do not embrace mobile at this point and latch on to key moments…risk being left behind by competitors,” said Colven.

The role played by smartphones doesn’t stop with in-store mobile commerce. After a purchases is made, the influence expands. The research showed 16 percent share that they have made the purchase over social media. Shopping experience details and unboxing information is also commonly shared.

The Chinese smartphone transaction system is launching in the western continent with a start in Canada.

China’s UnionPay mobile payments system is now in North America. It took its first steps into the continent by launching in Canada. This mobile transaction service is the international subsidiary of the Chinese interbank network. The network functions to link the credit and debit card payments throughout that country’s banks.

UnionPay International is enormous, placing third in the world as a payment network.

Only Visa and MasterCard are larger payment networks than UnionPay. This is primarily because of its reach throughout China and its recent rapid expansion outside the country. Now that UnionPay mobile payments launched in Canada, its QuickPass system will be available to many Canadian merchants. It will be focused on “daily spending” merchants in that country. This represents the first time the system has entered North America, despite its wide expansion elsewhere.

UnionPay mobile payments can be used with QuickPass enabled smartphones or EMV chip cards.

There is a QuickPass spending cap at $100 (CAD) for transactions without a PIN or signature when using either credit or debit. This is meant to enhance the system’s mobile security. Moreover, it will make it fast and easy for Canadian consumers to use the system without having to enter a PIN.

As of yet, it is not known precisely how many Canadian merchants are interested in these mobile payments. The number of companies participating in QuickPass was not revealed at the launch. However, UnionPay has said that there will at least be more than 70,000 merchants with the required tech. It also pointed out that the infrastructure in the country is well suited to accept contactless payments.

Therefore, there is potential that a sizeable percentage of those with the ability to accept contactless payments will participate.

At the moment, the North American launch of UnionPay mobile payments is exclusive to Canada. However, there is a very large potential audience in the rest of the continent. This may mean that the company is setting up to subtly become a direct competitor with certain leading mobile wallets such as Apple Pay.