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More consumers are adapting to the mobile payment process

February 13, 2014

More and more consumers are using credit card mobile processing pages, illustrating that all retailers would do well to re-orient their marketing strategies - as well as their strategies for accepting payments - around the use of smartphones and tablets.

More and more consumers are using credit card mobile processing pages, illustrating that all retailers would do well to re-orient their marketing strategies – as well as their strategies for accepting payments – around the use of smartphones and tablets.

So many consumers are now using mobile phones to buy products that individuals in China are currently working to create a unified system, to be employed nationwide, for making transactions and payments through mobile phones. The information was originally reported by China Daily, and then detailed in a translated report posted by RT.com. 

“The biggest obstacle for banks and mobile operators to operate in a unified way is to build scale,” Colin Light, digital consulting leader for PricewaterhouseCoopers in Hong Kong, told the China Daily, according to a translation posted by RT.com. “You need a scale advantage to reach wide acceptance of payments.”

One recent study – conducted by Cheil Worldwide, and reported on by The Drum – made explicit just how many consumers are currently purchasing products using their mobile phones. For example, roughly 40 percent of all smartphone owners polled by the firm reported that they purchased at least one product using their device during 2013 by accessing a mobile credit card terminal online.

“The amount we spend buying items on our phones has almost doubled in the past five years and is set to soar ever higher as it gets easier to buy online,” Simon Hathaway, the president of shopper marketing and retail operations at Cheil, told the news outlet. “And even if we don’t use the phone itself to buy, we use it while we’re in a store to research, compare and seek advice. The high street is changing completely as we become smartphone-focused shoppers – or what we’re calling ‘Agile Consumers’, with the expectation that the retail experience should, and will be, everywhere, instant and personal.”

The study also found that over half of all consumers had used their phones to aid them while shopping for a product in-store, according to The Drum. This indicates that retailers need to re-strategize and better optimize their in-store locations – as well as their online offerings – toward smartphone users

“The smartphone has become a key element of how we shop, and all evidence points to it having been a bumper post-Christmas sales period for m-commerce,” Hathaway told The Drum.

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