6 Trends of Mobile Payment in the Future

TMO Group TMO Group

In June this year, MEF released a report related to global mobile financial. It is as expected that mobile commerce and mobile payment is still increasing. More than 69% of mobile users have ever paid by mobile in 15 thousand mobile users from 15 countries.

Generally speaking, mobile payment is widely used in developed country. It based on their technology which make the payment safe and convenient like NFC. The most significant example of the using of NFC is Starbucks. Over 16 million people use it to pay and it also obtain 8 million dollars per week. It is worth noting that after users paid by NFC, they can automatically get rewards points. In that case, it is also convenient to Starbucks itself.

After the study of mobile consumers decision, MEF pointed out 6 trends of mobile payment in the future as below:

1. The growth of mobile payment should be stronger

In the past 1 year, around 7% of the respondents have ever used their mobile to pay. But in recent 3 months, 12% of the respondents have ever paid by mobile.

2. Consumers still don’t know the reason why they need mobile wallets

18% of the respondents nearly had no concept of mobile wallets. And 15% of them didn’t know what is the point.

3. Social network is the future of mobile commerce

It is obvious that social network has a big influence to mobile. 24% of mobile users said that social media has become one of their choice when shopping on mobile.

4. Trust is the key

34% of the consumers thought that safety is the most important thing to be considered while shopping by mobile. 9% of them thought that they provide too much private information on mobile shopping. 8% of respondents thought that the mobile payment system is not safe enough and 6% of them thought that they didn’t trust online shop owners.

5. Second screen could be a new entrance

94% of the respondents said that they also use other media such as TV or laptop when they are using mobile. And 14% of them said that the purpose of using the second screen is to help them shopping.

6. Redefine “shopping”

58% of respondents said that they’ve ever found some products on mobile and buy them in block and mortar shops. It is interesting that 58% of respondents said that after they found something offline, they bought them online. And this model called O2O, which is very hot in China.