Tag: mobile transactions

WorldPay has revealed its latest data in a whitepaper that showed that paying using smartphones is favored.

According to the latest research findings from online and mobile payments and risk services provider, WorldPay, consumers around the world are using their smartphones as an alternative method of paying with credit cards on an increasing basis when it comes to buying video games.

The whitepaper revealed that gamers like the opportunity to use their gadgets instead of plastic cards.

The whitepaper was entitled “Video Games Payment Preferences” and it included the data regarding the outcome of the survey responses from 7,554 gamers who have purchased a video game online. It asked them about the frustrations that they experienced throughout this process, as well as about their interest in alternative methods of paying, such as the use of mobile payments. Among the respondents, 51 percent were using those alternatives, when compared to 46 percent who were still using debit and credit cards for buying these products.

It should be noted that mobile payments were one category of the alternative payments in the WorldPay survey.

Aside from mobile payments, other methods that were included in the alternative category were real money based e-wallets, credits and points based systems, direct transfers and direct debits, mobile phone carrier billing, and cash vouchers.

The study also determined that the highest amount of use for alternative and mobile payments was from consumers residing within emerging marketplaces. It determined that 71 percent of gamers in Russia were using alternatives, while the same could be said of 79 percent of the consumers in China.

WorldPay explained that e-wallets have been a considerable driving force behind the increase in the use of alternative and mobile payments. Among all overall transactions, this category made up 27 percent of the total. This was true regardless of whether gamers were purchasing new games, or expansions or modifications to existing video games. Although this may represent only just slightly over one quarter of all of the transaction types in terms of volume, the company pointed out that this should still be taken very seriously as it is also an extremely rapidly growing category.

Mobile payments are on the rise

The Mercator Advisory Group has released a new report concerning consumer payments and banking. The report highlights the growing popularity of mobile payments among the U.S. population, showing that mobile commerce is becoming very common among young adults and certain ethnic groups. Mobile payments are often considered a subject for the tech-savvy and given the fact that younger generations are growing up with a strong connection to smartphones and tablets, as well as other forms of technology, these people could be significantly more comfortable with the concept of mobile commerce than older adults.

Young adults show comfort with mobile commerce

The report shows that young adults show the strongest interest in mobile payments in the U.S. Approximately 75% of young adults are reported to have their own smartphones or tablets, compared to the 55% of adult households that own such devices. The report shows that young adults are very likely to use their mobile devices while shopping, using the technology available to them to find better deals or to find out more information on products they are interested in. Mobile payments are becoming a major interest with these consumers, many of whom believe that mobile commerce is significantly more convenient than traditional forms of commerce.

Mobile commerce platforms prove inclusive for wide range of consumers

Smartphone ownership is also growing among certain ethnic groups. Those of Asian, Latin, and African descent outnumber others when it comes to smartphone ownership. Moreover, these consumers have also expressed a great deal of interest and comfort with the concept of mobile payments. For many immigrants to the U.S., mobile payments are considered easier as many mobile commerce platforms can easily calculate currency conversions while also removing the need for physical currencies.

Security remains a major barrier for mobile payments

While mobile payments are gaining popularity, all consumers have expressed concerns regarding the security of their financial information. Mobile commerce is not only a realm for consumers, as it has proven quite attractive for hackers. The threat of having financial information stolen and exploited has led many people to be weary of mobile payments.