contactless payments Archives

Tech giants play a substantial role in mobile wallets innovation and competition

09/22/202309/21/2023 Stephanie Beck

Apple and Google were considerable players in establishing tap-to-pay regulations and technology. A new Consumer Financial Protection Bureau (CFPB) report has placed the spotlight on the way mobile wallets are impacted by the policies and practices of tech giants. This is particularly true when it comes to the way that smartphones and wearables are used to transact. For instance, Apple currently has a ban on bank and payment apps from being able to access the Apple iOS device tap-to-pay functionality, setting fees for mobile wallets through Apple Pay. On the…

Canadians are increasingly using mobile payments for purchases

09/21/202309/21/2023 L. Green

Mobile payments - Person using mobile to pay - Canada Flag

The trend is on the rise in Canada, where users are being advised to take security precautions. A new report has shown that mobile payments are a rapidly rising trend in Canada, adding itself to a growing number of data analyses indicating the same trend. The largest Canadian interbank network reported that it is experiencing massive growth in device use. The interbank network, Interac, reported that by August, over one billion debit mobile payments were transacted within the prior 12 months using its network. Moreover, data from Interac showed that…

Almost half of consumers don’t like using restaurant QR codes

04/21/202304/20/2023 Stephanie Beck

A recent study showed 47 percent of restaurant patrons aren’t comfortable scanning the barcodes. Even as restaurants continue to use QR codes more regularly to help take pressure off front-of-house staff, the results of recent studies are indicating that many patrons still haven’t reached the point that they’re entirely comfortable scanning with their smartphones. The quick response barcodes are used for everything from displaying menus to ordering and paying. QR codes are affordable and easy to use, making them highly appealing for restaurants to use as tools for improved front-of-house…

NFC technology experiences considerable surge in global use

08/30/202208/29/2022 Sam Lambert

A recent survey shows that consumers have a greater awareness of the tech and are satisfied by it. A new study conducted by ABI Research has shown that consumers are considerably more familiar with NFC technology, and they are more satisfied with it as well. Over eight out of every ten consumers have used a contactless card or mobile payment wallet. According to the research, more than 85 percent of consumers have used NFC technology in the form of a “contactless card or mobile payment wallet.” Moreover, they have increased…

Mobile wallet market to break $16.2 trillion by close of 2031

08/05/202208/04/2022 Stephanie Beck

The world is moving evermore cashless, and consumers are turning to their phones for payments. As a growing number of countries worldwide trend toward cashlessness, the mobile wallet market worldwide is seeing striking growth. Even before the pandemic, it was already taking off, but contactless trends sent its use skyward. In 2015, the mobile wallet market was valued at $675 billion. By 2018, it had already risen to 1602.4 billion, and the number has only continued to climb. Among the factors that have helped to drive the use of payments…