Contactless payments to account for 1 in 3 in-store transaction by 2020, report

contactless payments - debit machine

Payment cards and mobile wallets will reach $2 trillion in two years. Worldwide, in-store contactless payments transactions will exceed $1 trillion for the first time this year. This is according to recent data published by Juniper Research. The leading fintech analysts also estimate that, globally, in-store contactless monetary transactions will hit $2 trillion by 2020 and will represent 15 percent of the total point-of-sale transactions. Both card payments and mobile wallets are expected to drive the growing use of these payments. Even though both of these contactless payments will be…

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Bangladeshi Visa QR code payment solution launching in October

Visa QR code payment - Visa Cards

The credit card giant will be rolling out transactions via quick response code and contactless tech. Visa QR code payment solutions are slated to roll out in Bangladesh by October. The global payment provider has also announced that it will simultaneously roll out contactless payments. Almost 20 banks have already submitted their applications to be able to participate. The Visa QR code payment and contactless payment service have proven to be highly popular among banks. There have already been nearly 20 banks applying to be able to incorporate the new…

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NFC mobile payments will be used by 1 in 4 Brits in 2017

NFC Mobile Payments Mastercard QR Code PayPass MasterPass

New research from MasterCard has predicted that over the upcoming 12 months there will be a significant shift. MasterCard has now released the results of a new research study in which it determined that NFC mobile payments will be used by one quarter of all Brits throughout the next twelve months. This will represent a considerable increase in the trend toward the use of mobile wallets in the U.K. At the moment, MasterCard’s figures show that the current rate of use of NFC mobile payments within this market is at…

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Mobile payments using NFC technology will reach 300 million users in 3 years

NFC Technology Mobile Payments Infrastructure

This data is according to a recent report that has been issued by Juniper Research regarding near field communication transactions. The new Juniper Research report has suggested that the number of smartphone users that will be making mobile payments through the use of NFC technology, worldwide, will have broken the 300 million mark by the close of 2017. This will represent considerable growth for the transactions as a whole, as well as for this specific contactless tech. To put this figure into perspective, last year, it was estimated that there…

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NFC technology could be Isis’s shortfall

Best Buy chase pay qr code

Mobile payments are starting to change, already as 7-Eleven and Best Buy drop near field communication. Best Buy and 7-Eleven have now both announced that they will no longer be accepting mobile payments based on NFC technology at their cash registers, which is bad news for the Isis digital wallet. There are a number of different theories being produced to help to explain why this decision has been made. While some think that eliminating NFC technology at the checkout counters will help them to save themselves the extra cost associated…

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Mobile payments contactless option to launch in Iceland

blackberry mobile payments visa

The new program will allow merchants to accept transactions through smartphones in store. It has just been announced that Iceland will be taking its first steps into the mobile payments world, as the Valitor card issuer has entered into a partnership with the Point electronic transaction solutions provider, for a software that will let merchants accept transactions through contactless Visa cards and smartphones through PayWave. This will make it possible for consumers to leave their wallets at home and use smartphones to check out. This new mobile payments option in…

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NFC technology benefits unclear to many mobile consumers

NFC technology mobile payments

CEO of mHITs has found that Australian customers aren’t sure about the advantages of near field communication. NFC technology has been making a lot of headlines over the last few months, particularly in the area of mobile payments, as many smartphone companies, transaction businesses, and retailers believe that it provides a clear advantage over the more traditional forms of paying for goods and services. According to mHITs, this benefit is not being seen by the consumer. The CEO of mHITs, the Australian SMS based mobile payments service, Harold Dimpel, explained…

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Mobile payments awareness doubled this year

Mobile Payments Survey

Smartphone owners are beginning to learn more about contactless transactions. The results of research performed from eDigitalResearch have now been released, and they are indicating that consumer awareness in terms of contactless mobile payments is rapidly increasing. Among the participants in the study, one third have seen a point of sale device capable of the transactions. This doubles the number of people who had seen the devices in May 2012. That figure represents a massive growth in awareness of the technology and the acknowledgement of its availability in places where…

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NFC hybrid online and mobile payments service tested by ING and MasterCard

NFC Mobile Payments Mastercard QR Code PayPass MasterPass

The companies are hoping to take advantage of the security of smartphones with contactless technology. MasterCard has joined forces with ING in order to test a new form of mobile payments system that leverages the security available through near field communication (NFC) equipped smartphones. These devices can make short range data transfers and is seen as a tremendous mcommerce opportunity. The trial will be focused on the PayPass app from MasterCard. It will examine two primary scenarios for use. The first is for using a smartphone to shop on the…

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Mcommerce environment in Japan looks bright for mobile payments

NTT Docomo qr code japan

MasterCard’s latest index has called the country a promising marketplace. The most recent results of the MasterCard Mobile Payments Readiness Index have shown that Japan is one of the countries that will provide the most positive mcommerce environment for these transactions. In fact, among 34 analyzed countries, Japan held the sixth spot from the top. The analysis of the countries is designed to determine their readiness based on their overall mcommerce marketplace, and how ideal they would be for mobile payments to be adopted. It focused on three types of…

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Mobile payments using NFC to become possible in iPhones

TouchPay iphone mobile payments

Though the technology was notably lacking in the latest release, it hasn’t held back RBS and NatWest. Despite the fact that the iPhone 5 was released without an NFC chip, this omission hasn’t stopped RBS and NatWest from coming up with a way to step around the issue and provide mobile payments based on the technology. A protective cover with built-in near field communication technology that fits iPhone 5, 4, and 4s is their solution. The technology is among the most controversial of the omissions from the latest iPhone released…

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