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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India mobile payments take off as large bank notes disappear

India mobile phone manufacturing

The country recently shocked its citizens by getting rid of its largest paper currency, causing a cash crunch. As the country scrambles in a massive cash reduction, India mobile payments are taking off as an alternative. Mobile wallets have received an almost instant shot in the arm with the surprise notice of the disappearing bank notes. Some mobile payment providers have already reported record breaking numbers over the last few days. Paytm, for instance, the largest India mobile payments firm, reported more than seven million transactions on Saturday alone. This…

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Peer to peer mobile payments starting to make US smartphone transactions relevant

young women teens peer to peer mobile payments

Though the majority of consumers have yet to start paying for products with devices, they are showing interest. Recent figures show that peer to peer mobile payments are starting to give smartphone transactions a boost in the US. That category of mobile wallet use is seeing the most rapid growth by far. In store mobile payments to purchase goods and services are still seeing notably slower growth. Peer to peer mobile payments has remained the category of transactions consumers in the US are most likely to use on their devices.…

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“Selfie Pay” mobile payments to roll out from MasterCard

NFC mastercard Facebook Messenger QR codes

A new form of verification is going to be launched in order to help to ensure transactions are secure. MasterCard has now revealed that it will be using its investments into facial recognition tech as a part of its mobile payments verification systems in order to help to make smartphone based transactions more secure. The goal is to decrease the risk of falsely declined transactions while boosting security when using mobile wallets. Trials of this mobile payments verification version using “Selfie Pay” have already been conducted in the Netherlands and…

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Snapdeal wants to make mobile payments even better in India

India mobile payments

Snapdeal’s design team aims to improve the company’s position in mobile commerce Snapdeal’s design team, also known as its “design mafia,” has plans to make the best mobile shopping experience in India. The team intends to create a powerful app foundation for its future mobile payments interests. Last month, Snapdeal made major changes to its prominent payment application, but the company plans to continue introducing new features and services throughout India in the coming months. These changes may help Snapdeal find more success in the competitive mobile commerce market. Design…

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Mobile technology may reduce dissatisfaction with money transfers

mobile technology payments money

The frustrations associated with those types of transactions could disappear with smartphones. The results of a recent Amdocs survey have shown that over 83 percent of respondents strongly feel that they would be willing to use a mobile technology device for completing international money transfer transactions. The vast majority of current international money transfer services are not fully satisfying their customers. Among the survey respondents, 82 percent said they were dissatisfied with their experiences in using more traditional services for international transfers through money transfer operators (MTOs) and banks. Nearly…

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McDonald’s brings mobile payments support to its Indian stores

mcdonalds qr codes mobile payments

McDonald’s will support FreeCharge wallet in 216 of its Indian stores McDonald’s has begun to roll out support for mobile payments at its restaurants in India. The fast food chain has partnered with FreeCharge in order to support the use of the FreeCharge mobile wallet in 216 McDonald’s stores in 26 cities. Those using the mobile wallet can pay for their orders with nothing more than a smartphones and a PIN code, which changes dynamically. FreeCharge notes that it has been working closely with McDonald’s to develop a system that…

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Mozido to help launch a new mobile commerce platform

global phone mobile payments commerce

Mozido teams with Telekom Germany to launch MyWallet 2.0 Mozido, a leading provider of payment solutions, has announced that it will be working with Telekom Germany to launch a new mobile wallet platform, called MyWallet 2.0. The mobile wallet is coming from Deutsche Telekom and will support mobile payments and include advertising and loyalty features. The mobile commerce space in Europe is growing quickly, with more consumers using their smartphones and tablets to purchase products. This has lead to an aggressive rise in the demand for mobile wallet services. Mobile…

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Security and privacy are a top concern for retailers in the mobile payments space

Mobile Payment Security

Mobile payments continue to be a challenge for retailers When it comes to mobile payments, retailers are undeniably interested, but they have major concerns that must be addressed before they can show wholesale support for new payment platforms. A new report from  Retail System Research suggests that retailers are more concerned about protecting consumers, and themselves, from fraud than they are about actually accommodating mobile payments. Mobile payment adoption among retailers is expected to slow until security concerns are effectively addressed. Security and privacy are significant concerns for retailers According…

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Mobile wallets will be in half of all smartphones by 2016

mobile commerce wallet payments

Smartphone based payments apps are taking off and are expected to become major players next year. There is a reason that mobile wallets have been taking up such a central place in the headlines over the last little while, and this is because they are expected to become a serious part of the technology environment in the not too distant future. The idea is that it will help to make it much safer and simpler for consumers to shop online and in-store. According to certain players in the mobile technology…

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Mobile wallets don’t feel as secure as Bitcoin to Americans

mobile wallets

A recent online survey revealed that consumers in the United States feel that cryptocurrency is safer. According to a recent survey of 1,400 online American customers, people are more comfortable with digital currencies such as Bitcoin than they are with mobile wallets and other types of payment app. The results of the poll were reported in the 2015 Future of Retail study by Walker Sands. The respondents to the survey were asked to rate the method of payments that they feel are the most secure. The majority of people who…

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