Sometimes it’s the simple things that drive success. That’s definitely the case for mobile payments, where VentureBeat estimated that payments would exceed the $100 billion mark in 2015 and account for nearly a third of all ecommerce transactions.
So why the big leap? The author attributes the growth to two basic but compelling features: the buy button on non-retailer sites, and touch payment.
The buy button on mobile apps is making it easier than ever for shoppers to purchase merchandise from a non-retailer like Facebook, Pinterest, Google, or Twitter. The old way was to link the shopper to a brand’s site, which meant extra steps and frustration for shoppers.
One touch payment for its part is finally taking hold after what appears to be a slow start. Apple Pay, Android Pay, and PayPal have all come up with a one-touch payment feature that allows shoppers to store credit and loyalty card data in their phones to use at retail locations and for in-app purchases. PayPal was the first out of the gate in 2014, claiming that its One Touch service is used by more than 10 million people and accounts for millions of transactions each month.
Given the uptake is growing, it will be interesting to see the 2016 numbers when they come out.
Have you tried either of these features? Have they changed you shopping habits?
By the CEL-FI Team