The explosive growth in global mobile industry has triggered the adoption and development of mobile app ecosystem. Users are becoming more demanding and pushing their devices for peak performance activating various services on their mobile devices. Witnessing the transformation of e-commerce into m-commerce, digital payment gateways have marked their presence in mobile payment industry.
However, majority of mobile users, who are fascinated and owning high-end ‘multi-taskers’ smartphone, are still hanging around with conservative mentality towards mobile payment. In spite of mobile data encryption, secure mobile socket connections and secured mobile data transmission techniques, users are protective towards m-commerce – which is still a major concern for m-commerce as industry.
The mobile payment industry is expected to be as big as $670 billion by 2015. However, with above attitude, it would be tough for companies and marketers to leverage upon the mobile sales arm for their clients or business.
So, what are the challenges and myths ? Intuit has charted out top 6 myths about mobile payment in a form of infographic. The highlights are:
- The mobile payment processing fees is too high.
- Don’t need mobile payment as offline and cash sales are doing good for business.
- Mobile payments are insecure affairs.
- Mobile payments take too long to settle for vendors.
- It’s a complicated task to set up mobile site – especially mobile payment gateway.