Mobile Payment Sees boost During the Holidays

Marred with security concerns and consumer suspicion of new technology, the use of mobile payment apps has not been as prominent amongst Americans as many in the mobile industry had hoped. However, this holiday season has seen a significant boost in the use of mobile payment applications. Recent industry figures paint a more optimistic and profitable picture for the future of mobile markets.

Paypal, one of the world’s most prominent online payment processors, reports that its global mobile payments volume increased by a staggering 62% on Black Friday, as compared to the previous year. The number of consumers who used a tablet or smartphone for their Black Friday purchases, increased by 51% over 2013.

Paypal wasn’t the only company that saw mobile payment payoff. According to IBM Digital Analytics, Cyber Monday offered mobile payment investors a reason to be optimistic. On Cyber Monday, mobile traffic accounted for 41% of all online traffic, up by 11% in 2013. As a whole, mobile sales were 22% of all online sales.

This year consumers have begun to see mobile payment apps as a fast and convenient avenue for shopping. Mobile industry experts believe that this awareness is a critical step in the product-discovery phase. The more consumers defer to the ease and convenience of smartphones and tablets for their purchases, the more it grows into a powerful commerce engine.

But mobile payment developers have more than consumers to thank for this upswing. Retailers who have invested the time and effort into presenting a unified look at their inventory, and updated information on what is on the shelf and available online, are also responsible.

The mobile payment processing industry in poised to strike in the coming years. Ensure that your business is ready to process payments made on mobile devices. eMerchantBroker.com has the most informed mobile payment account managers in the business. Contact us today to see how mobile payment processing can boost your company profits.

 

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