Digital wallets could prove very expensive for conventional banks

Digital Wallets - Bank

As these payment apps and services grow in number and use, banks could lose out on billions in transactions. Consumers worldwide are increasingly using digital wallets to complete transactions both online and while in-store shopping, which means that banks stand to lose out on billions in transactions that would traditionally have belonged to them. What has yet to be seen is if those banks will pivot to keep up with their primary online competition. As digital wallets such as PayPal, Apple, and others are adopted at a rapid rate in…

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Mobile wallet use now higher in the Netherlands than Spain

Mobile wallet - Netherlands Flag

Though Spain had been holding the lead spot in Europe, 2022’s third quarter lost its crown. New data released by PYMNTS has revealed that mobile wallet use in Spain has now fallen behind the Netherlands. A collaboration between PYMNTS and Stripe showed that the Netherlands saw notable growth. A report by Connected Economy called “how the World Does Digital: Different Paths to Digital Transformation”, a collaboration between PYMNTS and Stripe showed that 13.6 percent of consumers in the Netherlands completed their in-store purchases using a mobile wallet in the third…

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Romania has highest mobile payments use of all Central and Eastern European Countries

Mobile payments - Romania Flag

A recent Visa regional study found that Romanians have the greatest preference to use their phones to pay. Visa recently conducted a regional study on preferred transaction methods and found that Romania had the highest preference for using mobile payments among all eight Central and Eastern European (CEE) countries. The adoption rate for the country was the highest, with about 7 of 10 people using this method. The regional study showed that among CEE countries, Romania had the highest mobile payments adoption rate. Seven in 10 people in the country…

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Indian Paytm QR code scans make scooter rentals fast and easy

QR code - People on scooter in India

The leading payments and financial services company in India is helping build a cashless economy. India has been pushing hard to become a cashless economy, and services such as using a Paytm QR code to rent a scooter helps to provide an image of the direction the country is taking through the use of mobile phones. Paytm has played a substantial role along the country’s road to eliminating the use of cash. The mobile payments company has seen a substantial rise in India and has become the leading financial services…

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Mobile banking fraud is on the rise across North America

Mobile banking - Fraud Alert

Consumers are being urged to learn how to protect themselves against common types of scams. Consumers across North America are finding themselves facing the risk of mobile banking from to an increasing degree, and victims of these scams are losing a lot of money. Suspicious calls and texts on smartphones have become commonplace for many consumers. Device users are regularly receiving texts and calls informing them that their accounts have been compromised or that they have experienced unauthorized charges on their credit cards. These are part of large and rapidly…

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