With all the hype and frenzy around Mobile Payments, there is an equally loud discussion around whether we really need mobile payments or not. Do people really like and use mobile payments? The current shopping trends, as witnessed during Black Friday and Thanksgiving, provide some answers.
IBM: Black Friday witnessed some astonishing online sales figures. As per data gathered by IBM, mobile traffic outpaced PC traffic for first time ever on a Black Friday. An analysis of customer transaction data shows that smartphones and tablets accounted for 52.1% of all online traffic. Mobile sales accounted for 27.9% of all online purchases on Black Friday.
PayPal: The company has reported that Black Friday saw a record-breaking number of customers shopping on mobile. As per the online commerce data gathered by PayPal internally, it has witnessed a 56% increase in global mobile payment volume for Thanksgiving as compared to last year. The mobile payment volume has increased by 62% for Black Friday as compared to last year. Considering the number of mobile shoppers, PayPal witnessed a 43% increase in the number for Thanksgiving and 51% increase for Black Friday.
NRF: During Black Friday, tablets continued to dominate the mobile shopping space by accounting for 16% of online sales as compared to 11.8% for smartphones. Tablet users also spent more, spending $126.5 per order as compared to $107.55 for smartphone users. Total spending was expected to reach $50.9 billion over the four day Thanksgiving weekend, according to the National Retail Foundation (NRF). Overall, 133.7 million people shopped in stores and online over the four-day weekend according to a survey by the NRF.
Adyen, the global payment technology company, provides some insights on global trends in mobile payments. Asia has the second-highest proportion of mobile transactions among global regions, at 17% of total online payments. Comparing August 2013 to August 2014, Asia experienced the strongest mobile payments growth of all regions, increasing by 58%.
Europe maintained its lead among global regions, with mobile payments averaging 24 % for the quarter. It also experienced strong growth of 34% from August 2013 to August 2014. The UK leads the pack in Europe and also globally, with mobile payments averaging 41% for Q3, followed by the Netherlands and Spain at 26%, France 18% and Germany 16%. North America remains steady, at 16.7%, and Latin America remains below other regions, at 6% for the quarter.