What is a Mobile Payment?
A payment, defined as a transfer of funds in return for a good or service, where the mobile phone is involved in both the initiation and confirmation of the payment. The location of the payer and supporting infrastructure is not important: they may or may not be ‘mobile’ or ‘on the move’ or at a Point of Sale (PoS); the payment may be processed by plastic cards or by a prepaid wallet.
Quick facts about mobile usage in Australia:
– 70% of Australians go online with a mobile phone
– 50% of Australians go online with a tablet
– 68% of Australians access the internet using 3 or more devices
– 23% of Australians access the internet using 5 or more devices
Deloitte, in their recent survey, found that there are roughly 15 million smartphones in use in Australia. That doesn’t include the millions of used devices stashed in drawers, or the ones passed on to our families. But if you wonder what users do when they are bored of their mobile phones then here you go:
Where do Aussies use their mobile phones?
As technological disruptions gain momentum, the payment world is becoming more challenging than ever. The payments industry is on a rising mode; more players are coming in the market so as to gain a market share from this lucrative industry. Now there are many startups in the payments space with their own tech unique solutions, InstaReM being a very promising one. InstaReM allows users to remit money from Australia to many Asian countries in a cost effective, quick and secure manner. Below are some of the facts and figures published by Australian Communications and Media Authority (ACMA) on mobile-commerce (m-commerce):
· Use of transactional m-commerce by age during December 2010 and December 2013:
· Change in m-commerce transactional activities undertaken, December 2010 to December 2013:
Note: Mobile online banking includes mobile banking and bill payments.
· Mobile payment methods used by age during December 2013:
· Platform influence on m-commerce activities undertaken during December 2013:
From the above facts it is clear that mobile payments are on the rise in Australia. The future of mobile payments is shaping up to be one where we’ll be scanning a lot more with our devices at check-out. Everyone from teenagers to senior citizens wants to be mobile savvy. InstaReM understands the needs of their clients. We have recently launched an Android and iOS mobile apps for remittances so that clients can remit as and when they want to.