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Mobile wallets: The business opportunities are only just beginning

3 Mins

We are heading rapidly towards a situation where mobile is synonymous with ‘wallet.’ With a flurry of innovations in the sector such as the launch of Samsung’s m-payment service, the unveiling of the Apple Watch, the ability to pay via Snapchat, the introduction of payments on social media, and an increase in consumers paying for things on their mobile, it is no surprise that mobile wallets are poised to become a massive marketing channel.

Results from a recent survey carried out by mGage, looking into consumers attitudes towards charging things to their mobile bill, suggest that this is a natural progression and something that consumers are ready to welcome. The research found that almost one third of consumers have donated to charity via their mobile phones, with a similar number being happy to pay for everyday items by charging them to their mobile phone bill. Of these, 80 per cent of consumers said they would be happy to charge up to £15 on everyday items to their mobile.

No sign of the appetite slowing

Moreover, there doesn’t seem to be any sign of this hunger for mobile easing. The research highlighted that almost two thirds of respondents think they will shop on their mobile more in a year than they do now, demonstrating their expectant attitude.

According to research by Forrester, consumers’ appear to already be thinking well beyond mobile’s function as a wallet, and have a great desire to use it as more than this. Consumers want a “retailing experience” – an all-in-one receipt-storing, reservation-making, product information-giving mobile device; they don’t want to be limited to simply paying on it. 

That consumers want a rounded experience from their mobile should not come as a surprise, with shopping behaviours such as “webrooming” and “boomerooming” now common practice. Mobile phones have become key research devices in the retail arena, as well as a means of accessing promotions and offers, thanks to the rise of proximity marketing which targets consumers based on their proximity to the store.

Continue onto page two for how mobile has become an enabler at a high profile event like the London Fashion Week and why SMEs should embrace the mobile wallet.

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