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The history of payments is best described as a search for simplicity, security and convenience. Coins, banknotes, cheques, payment cards have all been introduced with the aim of making paying for goods and services easier. Over the past few years, mobile payments technology has launched an assault on these traditional methods by offering consumers a […]
Mobile payments offer a plethora of benefits for consumers, retailers and financial institutions. For consumers, mobile wallets provide a convenient, “tap and go” frictionless commerce experience that seamlessly integrates loyalty cards, boarding passes, ID cards, coupons, event tickets, alerts and notifications. For retailers, mobile wallets offer businesses the ability to engage users with an immersive, […]
A new survey conducted by Moneris finds that 25% of Canadians between the ages of 18-34 prefer paying with a mobile wallet over cash or card. “Of Canadians aged 18-34, 46% said they would be more likely to use a mobile wallet if it were available for the kind of credit card they used,” Moneris […]
A recent Square survey cited by Business Insider found that 45% of millennial respondents (18-34) have made an NFC payment. According to Business Insider, the poll is a “good indicator” of where mobile payment adoption is headed, with the publication forecasting a compound annual growth rate (CAGR) of 80% through 2020 to reach $503 billion. […]
Today we are at the precipice of another exciting shift from physical to digital and beyond, with new technologies changing the very way we think about card- and account-based transactions. Card payments are transitioning from chip-and-PIN credit cards, to contactless mobile payments with biometric authentication, to in-app check-out with mixed payments and real-time redemption of loyalty. Account-to-account transactions are moving to real-time, with payments being processed in a matter of seconds versus days.
Analysts at Juniper Research say the value of digital and physical goods purchased via mobile ‘OS-Pay’ platforms will increase by fifteen times in the next two years. More specifically, a combination of in-app purchases and website retail payments is projected to drive annual spend via Apple Pay and Android Pay to $8 billion in 2018, […]
Did you know that a September 2015 US Office of Personnel Management (OPM) system breach resulted in 5.6 million leaked fingerprints? “We’ve all seen movies that included a clever way to get someone’s fingerprints, and I never thought much about it,” Jimmy Pike, an analyst Moor Insights & Strategy, wrote in Forbes. “Now a huge […]
IDTechEx analysts say there will be over three billion sensors in wearable technology devices by 2025 – with more than 30% categorized as emerging sensor types. As a recently published IDTechEx report notes, sensors are the most diverse component type in wearable devices. Perhaps most importantly, they are responsible for enabling key functionality. “Advances with […]
Amongst all the hype and bluster around mobile payments a fundamental question seems to be largely overlooked – why use mobile payments?
Writing for SemiconductorEngineering, Ernest Worthman notes that while biometrics offer a plethora of potential security-based tools, there are currently only two in wide-scale deployment: fingerprints and facial scanning. Indeed, according to ABI digital security analyst Dimitrios Pavlakis, fingerprints account for 60% to 70% of all biometric applications. Additional technologies eyed by major industry players include […]