Story image

Mobile payments skyrocketing

22 Mar 16

Mobile payments are proving to be a success, with new forecasts predicting annual transactions from online, mobile and contactless payments to reach $3.6 trillion this year. 

According to a new study from Juniper Research, the 20% increase is up from $3 trillion in 2015. 

The new research, Digital Payment Strategies: Online, Mobile & Contactless 2016-2020 - argued that the recent surge in contactless payments would continue, fuelled by further scaling up of infrastructure rollout and increased card payment limits in key markets.

It also anticipated that while cards will account for 90% of contactless payments over the next 5 years, the deployment of NFC (Near Field Communications) payments by high-profile players such as Apple and Samsung would increase consumer awareness and usage of smartphones to fulfil transactions.

Meanwhile, the research from Juniper highlighted the growing presence of social media companies in the eRetail space. 

It pointed out that several leading companies, including Facebook, Pinterest and Instagram, had already introduced ‘buy’ buttons, allowing users to make purchases directly from the companies’ mobile apps in a seamless couple-of-clicks transaction.

Furthermore, the research argued that digital eCommerce on social media activity would increasingly extend into the P2P (Person to Person) payments space. 

It cited the example of WeChat in China, which saw more than 32 billion ‘red envelope’ monetary gifts sent in a six-day period in February, and claimed that other dominant players could also leverage their ubiquity.

“Facebook has already rolled out a P2P service linked to its Messenger service in the US, and we would expect additional deployments in other core markets over the next year or so,” explains to research author Dr Windsor Holden.

The research also forecast that mobile wallet adoption would continue to accelerate in developing markets, with nearly 20 countries across Asia and Sub-Saharan Africa now having more mobile money accounts than bank accounts.

It emphasised that as wallet users reached a critical mass in these markets, service providers were introducing more sophisticated payment services such as loans and micro-insurance, thereby hastening the drive towards financial inclusivity for the unbanked.

How blockchain will impact NZ’s economy
Distributed ledgers and blockchain are anticipated to provide a positive uplift to New Zealand’s economy.
25% of malicious emails still make it through to recipients
Popular email security programmes may fail to detect as much as 25% of all emails with malicious or dangerous attachments, a study from Mimecast says.
Human value must be put back in marketing - report
“Digital is now so widely adopted that its novelty has worn off. In their attempt to declutter, people are being more selective about which products and services they incorporate into their daily lives."
Wine firm uses AR to tell its story right on the bottle
A Central Otago wine company is using augmented reality (AR) and a ‘digital first’ strategy to change the way it builds its brand and engages with customers.
DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."