23% of e-retail transactions on Thanksgiving and Black Friday came from mobile devices, according to payments security firm ThreatMetrix. However, 15.5% of retailers say ...
Merchants need to nurture the mobile payments process
Mobile transactions are safe, but retailers should make them easier, says an MCF speaker.
Retailers and marketers have a lot of work to do before they fully realize the advantages presented by mobile commerce and mobile marketing, says Steve Mott, president of BetterBuyDesign, a payments consultancy that specializes in web and mobile commerce.
Mott will speak next month at Internet Retailer’s Mobile Commerce Forum 2011 in Houston during a session entitled “Mobile wallets: Closing the loop on m-commerce transactions” from 11:15-11:45 a.m. on Oct. 12
Mott considers purchases made through mobile phones as safer and more reliable that other online transactions. “Mobile transactions are probably safer today than the average PC-based transaction because the retailer has more data, like the user’s phone number, to check that the transaction is legitimate,” Mott says.
For retailers that already accept mobile payments, Mott says the next step is to refine and smooth out the transaction process so consumers will like transacting via mobile devices. For instance, he points to PayPal Inc., the payments arm of eBay Inc, which enables consumers to merely log into their PayPal accounts to authorize transactions. Merchants that don’t use PayPal or similar one-click services force their customers to fill out multiple pages of data that include credit card numbers and shipping information, an onerous task on a mobile phone. “There’s a lot more smoothing work that needs to be done,” he says.
Internet Retailer’s editors asked Mott to speak because he is a 20-year veteran of the electronic payments industry who specializes in online transactions, authentication and security technologies and alternative payments.