Mobile payments are replacing cash and cards for younger consumers

Mobile payments - Person paying with mobile phone

A growing number of young people are turning to their phones to complete transactions. Young people are increasingly turning to mobile payments to make their purchases, as they use traditional transaction methods to a decreasing degree, said the result of new Marqeta data. The card issuing platform released the results of a recent survey of 4,000 customers across 3 continents. The Marqeta survey involved the participation of 4,000 respondents living on three continents. Of those respondents, 1,000 were from the United Kingdom. What the survey found was that most (61…

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Biometrically authenticated mobile payments to break $1 trillion milestone in 2027

Mobile payments - fingerprint scan

The value of the transactions is going to breach $1.2 trillion in five years, says Juniper Research. The value of mobile payments biometrically authenticated is expected to reach $1.2 trillion worldwide by the close of 2027, according to a recent Juniper Research study. The study expects a massive growth rate from the $332 billion the transactions are currently worth. Juniper Research has provided an evaluation of the transition from traditional transaction security methods such as passwords and PINs to biometric authentication of mobile payments, in its paper titled: “Mobile Payment…

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Figure Pay mobile payments system could offer small and local businesses an advantage

Figure Pay - person using mobile wallet to may payment

The new fintech-created system could bring down the cost of digital transactions. Figure Pay, a mobile payments system based is aiming to bring new and more affordable digital transactions to local small businesses. Mobile payments have taken off since the start of the pandemic, but this hasn’t been easy on small businesses. The Figure Pay app was developed by Figure Technologies. That company is a small fintech from Silicon Valley using technology developed in Missoula, Montana. Its goal is to employ blockchain to slash the costs associated with this type…

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WhatsApp mobile payments launching its service in Brazil

WhatsApp Mobile Payments - WhatsApp on smartphone

The South American country will be the first to try the new Facebook owned transactions. Facebook is launching its WhatsApp mobile payments service for the first time in Brazil. The country is often the site of initial digital services due to its massive online population. Brazilian users will be able to use this new transaction service to be able to send money securely. The WhatsApp mobile payments will make it possible for a user to send money or buy a product or service from a merchant, all within the chatting…

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FinTech ANNA Money partners with TrueLayer for instant QR code payments

Instant QR Code - mobile quick response code scan

ANNA users will have a new option to use instantaneous quick response codes for mobile payments. ANNA Money users will now have the option to choose the use of instant QR codes to make payments through a new partnership between the FinTech and TrueLayer. Using the quick response codes would eliminate the requirement for terminals and payment cards. ANNA is a provider of financial administration, business accounts and debit cards for customers such as small businesses and freelancers. Using an instant QR code makes it possible to eliminate some of…

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