Every year we hear at digital conferences that it’s going to be the
- year of social
- year of mobile
- year of big data
Sometimes it is and sometimes it isn’t. I think 2009, 2010 and 2011 were going to be the years of mobile before 2012 finally was. So what will 2013 be the year of?
Well I’m not sure if 2013 with be the year of the mobile wallet and mobile payments, but I’m pretty certain we will move a long way towards it, and surely by the end of 2014 the mobile wallet will be commonplace amongst all smart phone users.
Technologies such as Paypal, Google Wallet and Apple’s iTunes are already replacing traditional forms of payment. With consumers increasingly becoming more comfortable making purchases both big and small on their mobile devices, there is no doubt that this trend will continue.
Mobile commerce took great strides in 2012, with Paypal having better integration into the eBay mobile site and app, Google Wallet becoming more user friendly and Apple launching Passbook in it’s release of iOS6.
“A single repository, as long as it is secure, makes a lot more sense than carrying around the typical mess of loyalty cards, credit cards, gift cards, debit cards and ATM cards,” said Wilson Kerr, vice president of business development and sales at Unbound Commerce, Boston.
“Consumers increasingly trust their smartphones and apps will allow consumers to replace payment and store-specific loyalty cards they carry in their traditional wallet or purse,” he said.
Mobile Wallets / Mobile Payments
According to an article in the Sydney Morning Herald yesterday, 64 per cent of Australians own smartphones and mobile analysts are predicting the mobile payment industry will be worth almost $50 billion worldwide by 2014, with PayPal predicted to earn $10 billion in global mobile transactions this year.
Consumers are using their mobile devices to not only price compare while in-store, but to also make purchases.
Some brands such as Starbucks, McDonald’s and Dunkin’ Donuts are seeing the importance of this and have unveiled their own mobile payment apps.
It is because of companies such as Amazon, PayPal, Google and Starbucks that consumers are getting comfortable using their mobile devices to make purchases.
These companies are providing single-click online checkout services that speed the process for consumers for both mobile and standard Web sites.
This is a key piece to the mobile wallet puzzle.
Banks and credit cards are also racing to the frontline and in 2012 we saw the launch of Commonwealth Bank’s (CBA) Commbank Kaching and Mastercard’s PayPass paving the way for mobile payments in retail as a mainstream payment method.