However, the majority of consumers today still forego that security, passing their financial information to countless merchants through card swipes and online entry forms.Īfter several major in-store breaches across many well known, reputable retailers, consumers and merchants alike are now seeing that additional security is absolutely required. Security Concerns Will Further Drive Consumer Adoption of Digital Walletsįor the last 15 years, digital wallets, particularly those at scale such as PayPal, have allowed people to transact online or on mobile without revealing their financial information, giving them increased security. But things like Apple Pay and PayPal’s One Touch are changing that. While the idea of the digital wallet isn’t new, it’s been slow to gain traction.
Consumers are less willing to input data on their phones and expect “one touch” buying of the sort that only digital wallets can provide. Lots of online shopping still isn’t optimized for mobile, and requires consumers to fill out credit card, shipping and billing information before they can check out. Yet the gap between browsing and buying on mobile persists. My own company Braintree-which is part of the PayPal family-saw mobile transaction growth on Thanksgiving, Black Friday and Cyber Monday this year rise by respective factors of 4.2, 2.3 and 2.9 compared to the same period in 2013.
EWALLET REVIEW 2015 TV
This holiday season, we’ve already seen tremendous growth in this area-whether it was buying a new flat screen TV on Thanksgiving while sitting at the dinner table, downloading a popular gaming app to fill the time once family had left, or even renting a hotel room for next week’s holiday party directly from your phone. The increase in the amount of time spent on mobile is also translating to an increase in mobile commerce. smartphone owners now spend about three hours per day on their phones. We carry our smartphones around with us everywhere we go, using them to communicate, consume content, shop and fill spare moments in our day. But it won’t be because people want to scrap the physical wallet they carry in their purse or pocket. That shift is going to begin in earnest in 2015. Over the next five years, we’ll see digital wallets-apps and hardware that will let us buy things directly, without the need to fumble for a credit card-becoming the primary way people buy on mobile. Digital Wallets Will Become A Preferred Option For Mobile Purchases How will we get from where we are today, when mobile only accounts for an estimated one percent of all commerce transactions, to 30%, 40%, 50% or more? And how will mobile commerce evolve over the next few years? Here are my predictions. Too many obstacles still stand between consumers and merchants trying to connect via mobile devices. Yet there’s still a steep gap between browsing and buying on mobile. The simpler mobile buying becomes, the more mobile commerce will grow. As a result, mobile commerce is on a tear, and is expected to account for global revenues of $204 billion by year end.Īs consumers shift to mobile, they’re demanding simple and straightforward buying experiences like those of Airbnb, Trunk Club, Uber and YPlan.
Mobile is on the rise and has helped disrupt many traditional industries, including transportation, accommodations, services and retail.
Guest author Bill Ready is CEO of the PayPal unit Braintree. ReadWritePredict is a look ahead at the technology trends and companies that will shape the coming year.
0 kommentar(er)
