Category: Mobile Payments

Many referred to mobile payments to be NFC technology but there are other avenues that many businesses are taking to keep up with this trend. For instance, some have used QR codes on bills that resolve to a mobile site enabling a secure mobile payment.

WeChat Pay and Alipay mobile wallet companies add international credit card support

Stephanie Beck
Mobile wallet - Image of credit cards

The giants from China are now allowing overseas visitors to add foreign credit cards to their digital wallets. Overseas visitors to China are now able to link their international credit cards to a WeChat Pay or Alipay mobile wallet and use them to make purchases wherever those digital payment transactions are accepted. This means that Visa, Mastercard, Discover, and JCB cardholders can all use their cards in their phones. The Alipay and WeChat Pay mobile wallet permissions have now been updated, making it possible for international credit card users to…

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Rakuten Group to combine its mobile payments and credit card business units

L. Green
Mobile payments Japan - person paying via mobile

The struggling Japanese company intends to fold together several of its units, according to recent announcements. Rakuten Group, headquartered in Japan, has announced its intentions to fold its mobile payments and points businesses into its credit card unit. This move could align the company to eventually list its card business as it has done with others. Even though Rakuten earns solid earnings from its e-commerce business, it has continually lost money over 12 straight quarters as a result of the expensive expansion of its mobile payments business, which didn’t gain…

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Millennials love their mobile wallets while Boomers hesitate

Sam Lambert
Mobile wallets - Millennial holding wallet and phone

The use of digital transactions continues to rise, but user trends differ by generation. Consumers across all age groups are adopting the use of mobile wallets on an increasing basis, but some generations are following this trend much more enthusiastically than others. While some are using this technology quite readily, others are more hesitant to use regularly or at all. PYMNTS has release the results of their “The Mobile Wallet Challenge: Replacing Physical with Digital” study. The research was conducted in collaboration with ACI Worldwide. It involved surveying more than…

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Mobile wallets see a decline in top-ups in some regions

Jennifer Goula
Mobile wallets - Bahamas Flag

As popular as these digital payment methods have become, they are declining in the Bahamas. In the Bahamas, the use of mobile wallets has become commonplace, but over the first five months of the year, a declining trend was recorded in top-ups. The decline wasn’t a slight one, it was practically a freefall in the amount of money topped up. During the first five months of 2022, top ups to mobile wallets reached $38.4 million. During the same period in 2023, that figure reached only $7.1 million, a fraction of…

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Paytm mobile payments revenue spikes by 39 percent

Sam Lambert
Mobile payments - Revenue soaring

As paying with phones becomes more commonplace, the company is watching its revenue rise. Indian mobile payments company Paytm recorded a year-over-year growth in revenue of 39 percent during the second quarter of 2023, which came to a close on June 30. The company credited increases in gross merchandise value (GMV) for the revenue increase. The mobile payment system and financial technology firm stated that its increase in revenue was attributed to the rising GMV, merchant subscription revenues, and loans the platform distributes. This was announced in the company’s earnings…

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