Mobile credit card payment processing continues to be an increasingly important factor in e-commerce retail strategies – and recent reports suggest that will only continue in the coming years. Younger shoppers are using their mobile devices extensively to aid them with shopping and other financial tasks.
A recent report from BMO Bank of Montreal noted that more than 80 percent of individuals born between 1981 and 2001 now feel they are able to “make better purchasing decisions on the go” thanks to their mobile phones, suggesting that most shoppers in that generation are using their devices to both research products and make purchases. In fact, 73 percent of poll respondents born during that timeframe noted that they would “feel lost” if separated from their phone and tablet devices.
“The millennial generation is leading the charge in terms of adopting new technologies and integrating them into their everyday lives, and as a result, are relying on their mobile devices more than ever before to complete day to day tasks – particularly when it comes to managing their finances,” said Tatiana DaCosta, head of online and mobile banking for Canada at BMO Financial Group.
Mobile banking is also becoming a touchstone for this age group, according to the study: 63 percent of respondents reported using mobile banking applications at least once per week, and 90 percent of those individuals reported managing their finances more efficiently as a result.
Across the world, individuals are making use of mobile credit card processing pages
Consumers in Europe are regularly using their mobile phones at access e-commerce pages, too. According to a recent ING survey, more than 40 percent of those consumers regularly buy products using their mobile devices, like smartphones and tablets.
“Mobile banking is becoming more common across Europe and more people are prepared to pay for things using cashless methods,” said Ian Bright, senior economist for ING. “In terms of long-term economic trends, the growth of smartphone use and acceptance of technology is likely to hasten the growth of cashless payments.”
As for the products consumers are using their mobile devices to purchase, they vary greatly. According to ING, 23 percent of products purchased via mobile phone are clothes, while another 12 percent are games and 11-percent are music related. Groceries and electronic devices also make up comparatively large portions of online purchases made in Europe.Back To Blog