smartphone payments Archives

Wealthy consumers are using mobile wallets to pay

05/10/202405/09/2024 John Montgallo

Among high-earning shoppers, 55 percent use digital payments to complete their transactions After a slow start, consumers are increasingly using mobile wallets to pay for purchases both online and in-store. That said, some demographics are using the technology more than others Regardless of whether they are shopping in-person in brick-and-mortar stores, or are shopping online, consumers are turning to mobile wallets more often to complete their transactions. That said, these digital apps and platforms such as Google Wallet, Apple Pay, and PayPal aren’t limited exclusively to transaction completion while shopping. …

Google wants its mobile wallet to be usable as bus fare

11/17/202311/16/2023 John Montgallo

Mobile wallet - Paying bus fare with smartphone

The tech giant is aiming to make it possible for more commuters to add digital transit passes to the app. Google is working to help commuters using transit systems in a growing number of locations to add their passes to their mobile wallet instead of having to carry a physical card. The company recently posted a blog discussing the way it wanted to combine the app with this service. Google has been watching the increasing trend in the use of mobile wallet apps and contactless technology for transactions of all…

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…

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

08/17/202308/16/2023 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…

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

08/14/202308/10/2023 Jennifer Goula

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…