From the desk of Kevin Grieve...
Last week an article ran regarding the news of Mocapay receiving its patent. There was a comment made stating that it’s doubtful systems requiring both consumers and merchants to install applications will see mass adoption.
The comment surprised us, particularly given the widespread adoption of similar, mainstream solutions coming from well-known brands such as PayPal and Ebay – not to mention the iPhone app store, which has already seen more than 3 billion applications downloaded. PayPal has more than 100 million consumers who had to register for its application and Ebay had to enable it on its website – more than 50 percent of websites currently accept PayPal payments.
global payment system requires a consumer who is making a purchase receive some
type of payment device. Today it’s a piece of plastic, before that it was paper
money, tomorrow it will be a mobile phone. All of these new forms of currency
required consumers and merchants to adopt them. Studies are showing consumers
want to make mobile purchases and it makes sense - people are twice as likely
to carry their cell phone than cash, i.e. their wallet. A few of the reports
reinforcing the fact that consumers are ready for mobile payments can be found
- 37 percent of people who own smartphones participate more often in m-commerce with their phone: http://sbne.ws/r/3AGb
- 15 percent of U.S. mobile users purchased products via mobile in 2009: http://bit.ly/5KkYM8
- Gartner predicts the number of mobile payment users will reach more than 190 million in 2012, representing more than 3 percent of total mobile users worldwide, a level that will be considered "mainstream": http://bit.ly/b9wU