Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Why the High Abandon Rate for Mobile Payment Transactions
A Harris Interactive survey conducted earlier this year found that two out of three consumers who have tried to make a purchase on their smartphone or tablet have stopped short because of various snags during the checkout process. Other reports have found mobile shopping cart abandonment rates exceeding 90 percent – some 20 points higher than on larger devices.Explanations typically range from hard-to-navigate mobile carts and mobile sites that aren’t optimized to fit the smaller mobile form factor, to problems such as high shipping costs, long delivery times and “window shopping” behaviors that put a damper on mobile and non-mobile commerce alike.One factor that many merchants and analysts miss, however, is the role of the mobile payment system itself.
Merchant Strategies for Mobile Payments: May 13-14, 2013 – Seattle, WA
Law Seminars International Presents: An Advanced Two-Day Conference on Cutting-Edge Developments in Merchant Strategies for Mobile Payments: New business models and associated legal issues.
Who Should Attend
Attorneys; business executives and managers in the retail, wireless, mobile device, applications development, technology, venture capital industries and financial institutions; business consultants and governmental officials
Why You Should Attend
Merchants are being asked to accept and support a dizzying range of mobile payment products as technology companies, financial institutions, carriers, issuers, investors, consumers and other merchants all jockey for a position and future in the emerging mobile payment arena. Contactless technologies, such as near-field communication and remote payment solutions that allow for more rapid or advanced checkout, and a range of value-added services and value propositions, are rushing to market.
The business models and associated legal issues for these offerings can be unique, complex, and the roles of the many players are evolving. Such programs implicate financial services and payment system regulation, privacy and data security, marketing, telecommunications regulation, consumer protection, and many other legal and regulatory issues with few settled answers.
Just as important, the need for close collaboration among companies with widely varying cultures and approaches to compliance calls for a deep appreciation of the constraints under which the various participants in a mobile payment ecosystem must operate. As important is the new reality that merchants are questioning or seeking change in the traditional allocation of risks in the payment methods arena, including compliance risks.
This conference will explore these issues with a focus on the merchant’s perspective and risks. Given the gateway position held by merchants, understanding merchant concerns will be of interest to all participants and we look forward to a robust discussion.
~ Andrew J. Lorentz, Esq., Steve Mott, and Holly K. Towle, Esq., Program Co-Chairs
What You Will Learn
- Who are the players and what are their technologies: A detailed look at mobile payments
- What lawyers need to start thinking about
- Mobile payments at point of sale: What should merchants be asking service providers
- What merchants need to know about coming changes in clearing and settlements
- Authentication: Card present vs. card not present
- How the key players in the mobile payments services ecosystem relate to each other
- Cellular carriers as essential players in the mobile payments services ecosystem
- Privacy and data security challenges in targeted advertising for mobile devices: Issues from transmission of the offer to completion of the payment transaction
- Practical tips for selecting or creating a mobile payments program that enhances your loyalty program
Information and Registration: Merchant Strategies for Mobile Payments
Research Report: Mobile Payment Systems and Solutions
Payments have been evolving for thousands of years. From the age-old bartering system, to cash, to check to electronic forms of payments, people have found innovative and more efficient ways to make a payment. This evolution has resulted in a significant shift in the current mix of consumer payments: from primarily paper-based (cash or check) to increasingly electronic (e.g. credit, debit and pre-paid) payment methods. The rate of change and the movement to electronic payments has been accelerated by the explosive growth of payments being made in non face-to-face transactions.
Billed as the future of banking, the value of financial transactions carried out through mobile phones has been pegged at $245 billion worldwide by 2014. At the same time, the number of users carrying out transactions using mobile money is expected to total 340 million by 2014, equivalent to 5% of existing mobile subscribers across the globe.
Research and Markets recently released a report entitled “Commerce on the Go: Mobile Payment Systems and Solutions.” The report evaluates mobile banking solutions, mobile banking SWOT analysis, Google Wallet SWOT analysis, competition between e-wallet solutions, and provides an analysis of the opportunities and market for mobile payments in the United States.
Audience:
– Mobile Network Operators
– Mobile Software Developers
– OSS/BSS Solution Providers
– Handset and Tablet Manufacturers
– Mobile Payment Service Providers
– Content and Applications Aggregators
– Mobile Marketing and Advertising Providers
– Telecommunications Infrastructure Providers
Report Index:
Executive Summary.
Money Transfers.
Mobile Payments Developments in Emerging Markets.
The Role of the Devices.
The Role of Mobile Operators.
Banks Role.
Technologies.
Future Trends.
Features.
E-Marketing.
Challenges.
Management Challenge.
Customers Expectations.
Security Problems.
Technical Challenges.
Solutions.
Current Mobile Payments Systems the End of the Credit Card Era and the Rise of the Wallet.
ISIS wallet.
Google Wallet and its SWOT Analysis.
Google Wallet Challenges and how to overcome it.
PayPal and Google Wallet.
Visa Wallet SWOT Analysis.
Serve by American Express E-wallet and its SWOT Analysis.
Google Wallet Verses ISIS Wallet.
Comparison between Current Wallet Systems.
Advantages of the M-payments Systems.
U.S Telecommunication Market Analysis.
Conclusions.
Worldwide Mobile Payment Market Analysis 2012-2017.
U.S Mobile Payment Market Analysis 2012-2017.
Mobile Payment Drivers for the U.S Market.
Deployment Mobile Payment System..
The Current U.S Mobile Payment Systems.
Mobile Payment Ecosystem..
Mobile Payment Models.
The Mobile Payment Methods.
Features of the Mobile Payment Ecosystem..
Bumps on the Road for M-payment.
The Features of Mobile Payments in the US and its ROI
The Conversion from Credit Cards to Mobile Payments Challenges and Opportunities.
Business Challenges.
Mobile Payment Regulatory in the U.S.
Market Potential for Mobile Phone Devices in Latin America.
The Market for Mobile Phone Devices in Latin America: 2011 – 2016.
The Latin American Mobile Market.
Introduction.
The Market in the Past.
The Market in 2004.
The Market in 2005.
The Market in 2006.
The Market in 2007 to 2010.
Conclusions.
Mobile Payment Providers in Latin America.
U.S Mobile Payment Providers Analysis.
XIPWIRE.
Advantages of XIPWIRE.
XIPWIRE vs. PayPal Mobile.
Zong.
Mopay.
Luup.
Bango.
eServGlobal
For more information: “Commerce on the Go: Mobile Payment Systems and Solutions.”
Source: Research & Markets
Mobile Banking Markets and Opportunities Report Announced by Research and Markets
Research and Markets has announced the release of a new report, entitled “M-Banking Markets and Opportunities.”
Mobile banking refers to a client-server system that is specifically designed for mobile devices, allowing banking customers to use handheld devices to access their accounts, pay bills, authorize fund transfers, or perform other activities. Like many other m-commerce services, mobile banking services can be challenging and no single company has all the expertise required to develop and deliver compelling services on its own. This report evaluates the mobile banking ecosystem and mobile banking solutions including mobile payments, provides a SWOT analysis for Visa and competitors, analyzes solutions for Visa’s weak points, discusses mobile banking implementation, and evaluates the market, applications, and methods. [Read more…]