Contactless payments set to triple to US$6tn by 2024
Global contactless transaction values will reach nearly US$6tn in 2024, up from US$2tn today, Juniper Research forecasts... More
Adoption
Visa CEO shares contactless, tokenization, transit and secure remote commerce adoption data
Data on the latest adoption rates for contactless transactions, tokenization, transit payments and secure remote commerce has been made available by Visa CEO Al Kelly — along with details of the revenue model to be used by Plaid, which Visa is to acquire for $5.3bn... More
One million Brits now use open banking
The number of consumers using open banking has doubled in the past six months to more than one million, the UK’s Open Banking Implementation Entity (OBIE) reports, and there are now a total of 204 regulated service providers — up from 100 at the end of 2018... More
NXP reports on biometric payment cards
Biometric cards equipped with built-in fingerprint sensors have the potential to make payments both safer and easier, but the technology is still new and there are critical elements that need to be put in place to ensure widespread adoption, NXP explains in a white paper now available to download from the NFCW Knowledge Centre... More
Mastercard reports on wearable payments adoption
The volume of transactions made using wearable devices has seen an eightfold increase in Europe over the past 12 months, Mastercard reports, while Australia tops the list of countries where most wearable payments are now being made.... More
Juniper forecasts mPOS transaction market
mPOS transaction values to exceed $1.9tn by 2024 — Juniper Research — “Juniper Research forecasts that mPOS (Mobile Points of Sale) transaction values will exceed US$1.9tn by 2024, up from $850bn in 2019. This growth will be driven by service adoption from new business users, including pop-up stores and street vendors, for whom the acceptance of card payments was previously inaccessible.”
First Group reports on contactless and mobile ticketing adoption on UK bus services
Bus passengers turning to contactless in record numbers, says First Group — Yahoo! Finance — “More bus passengers paid with contactless and mobile apps rather than cash on First Group’s local bus routes for the first time in its history, the company has revealed. According to bosses, 43% of payments were made by cash, with 45% made through non-cash methods, in the latest push towards a cashless society. The remainder came from ticket sales via third parties.”
Survey finds US consumers would switch to mobile payments to save money
Ibotta Holiday Shopping and Mobile Payments Study — Ibotta — “Of the 61% of survey respondents who have used their phones to make an in-store purchase, 63% are motivated by payment methods that offer rewards, rebates and cash back, while 55% would be inclined to adopt mobile payments if the solutions saved them money… More than half (52%) of these shoppers say they feel overwhelmed by the large number of mobile payments and rewards programmes.”
MTA to expand Omny open loop ticketing to all New York bus services and subway stations
New York’s Omny contactless fare system is to undergo “a blitz phase of installations that will bring the popular new contactless fare payment system to all 472 stations as well as all MTA bus routes by the end of next year,” the city’s Metropolitan Transportation Authority (MTA) has announced... More
NFC Forum appoints Mike McCamon as its new executive director
“My goal is to guide the NFC Forum in a slight pivot to increase focus on doing whatever is necessary to enable NFC technology to deliver a consistently positive user experience, however it is used,” Mike McCamon, the new executive director of the NFC Forum, has told NFC World... More
India’s bank-led UPI instant payments platform reports 1bn mobile transactions
“UPI has had the fastest acceptance rate not just among payment platforms but digital platforms of any kind,” Dilip Asbe, chief executive officer of the National Payments Corporation of India, has told Bloomberg... More
7-Eleven reports on face biometric payments adoption in China
A face recognition-based biometric payments system installed at 1,000 7-Eleven outlets in southern China last May has been adopted by 10% of the convenience store’s customers, the retailer has told Nikkei Asian Review... More
eMarketer identifies top countries for mobile payments adoption
China remains the country with by far the highest mobile payments adoption rate, with 81.1% of smartphone owners making use of the technology, eMarketer reports... More
Brits now use smart cards and mobile phones for half their rail journeys
Rail passengers are now choosing to use ‘smart tickets’ for half of all the journeys they make, the UK’s Rail Delivery Group (RTG) has revealed, paving the way for the introduction of a wide array of innovative new fare structures... More
Survey pinpoints roadblocks to US mobile payments adoption
A major investigation into US consumers’ attitudes to mobile payments has found that concerns over how well they would be protected against loss should an issue arise is now the major barrier to widespread adoption of the technology... More
Two in five wrist-worn wearables now come with NFC
While health applications continue to be the main consumer adoption driver for wrist-worn wearables, support for mobile payments “is also starting to become a mainstay,” according to new research from IDC... More
NFC mobile payments to account for ‘just 1.6%’ of in-store transactions this year
Payment methods like Apple Pay and Google Pay will be used by US consumers to make transactions valued at a total of US$78.6bn this year, representing 1.6% of all US brick-and-mortar retail sales, according to a new forecast from 451 Research... More
Vietnam tops global growth for mobile payments
Vietnam has recorded the highest growth in mobile payments in the past year, according to research by PwC... More
Survey: Merchants are winning the US mobile wallet adoption battle
Merchants winning the battle for mobile wallet supremacy — Javelin Strategy & Research — “In the rush to market, the main wallet value proposition, paying at the POS, wasn’t particularly compelling. In reality, loyalty and rewards will drive adoption, something merchants are doing particularly well,” said Krista Tedder, director of payments at Javelin Strategy & Research.”
Three in ten iPhone owners now use Apple Pay
Apple Pay increasingly central to iPhone — Loup Ventures — “We estimate that Apple Pay now has over 252 million users, which equates to 31% of the active iPhone base… Adoption of Apple Pay continues to accelerate exponentially overseas compared to the US, with 85% of users being international vs 15% in the US… With the continued expansion into new markets and new partnerships with banks, we expect transaction growth of 200% over the next 12 months.”
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