Following is a collection of the newest payment technologies disrupting the industry, drawn from recent news reports and announcements. As well, we highlight the payments trends on the horizon for 2017. Mastercard is making fingerprint and selfie payments available in Latin America. In Japan, NEC is testing payments by facial recognition, surely an idea whose time has come?
BNP Paribas is piloting real-time corporate payments using blockchain technology, a big potential shift in corporate payments. John Rampton looks at five alternate ways for freelancers to get paid that don’t involve PayPal. They include Google Wallet, bitcoin, Venmo and Due. Twenty-one payments experts review 2016 for PYMNTS.com.
TSYS’ Karim Ahmad, EVP of global product and innovation, shared his thoughts on the upside for payments firms that innovate and target younger markets. What’s ahead for mobile payments in 2017? Think NFC mobile payments, payments on demand, using virtual assistants, Bluetooth and the sharing economy.
Here are three 2015 UK stats from Smart Insights that should get your attention: 40,000 financial apps downloaded daily; 347 million payments made by banking apps (+54%); use of contactless card payments was up 250%. In China, E&Y report 40% of consumers now use alternate financial payment systems.
John Kendall at Unisys predicts wearable technology will encourage more use of biometrics in payments. Demonetization in India shows how quickly new mobile payment technologies can be adopted by all levels of society, even by street vendors.
Mastercard Makes Fingerprint and ‘Selfie’ Payment Technology a Reality in Latin America
Mastercard’s Identity Check Mobile eliminates the need for cardholders to remember passwords, speeding up digital checkouts and improving security. Cardholders can verify their identity using the fingerprint scanner or via facial recognition technology by taking a “selfie” photo on their smartphone. Via diversityinc.com
You might soon use your face to pay bills
(Guiding Tech) NEC Corporation, a Japan-based multinational, is trialling a technology which will enable you to pay bills at retailers, restaurant and everywhere else your card usually works using facial recognition — not needing you to swipe cards. Via wnd.com
BNP Paribas Pilots Real-Time Corporate Payments on the Blockchain
BNP Paribas announced that it processed real-time payments for Amcor and Panini Group using blockchain technology. Payments were fully processed and cleared in a few minutes, highlighting the potential of blockchain technology to eliminate delays, unexpected fees and processing errors, paving the way for real-time cash management. Via bitcoinmagazine.com
Fintech Payments: 5 Ways to Get Paid Without PayPal
When I first started as a freelancer online, pretty much the only way to get paid was with PayPal. If you are looking for fintech payments and want to avoid PayPal, here are five alternatives. Via huffingtonpost.com
Payments 2016: The Year of Open APIs
PYMNTS consulted 21 payments executives from across the industry to share their insights on the biggest takeaways from 2016: If you had to answer the question, Payments was the year of …, how would you answer, and how does your answer change your world — and the world of payments, more broadly? Via pymnts.com
Karim Ahmad on Payments Innovation
For the younger generation, people are very comfortable transacting in public, he said, “and the notion of financial services as a walled garden is disappearing really fast.”
Figuring out where to go next can be difficult, said Webster, when there is lack of clarity about what consumers really want. Banks must anticipate what consumers want. Via pymnts.com
Top 5 Mobile Payment Trends in 2017
The accelerating pace of tech advancements is adding new possibilities in mobile device technology. Technologies such as mobile wallets, sharing and on-demand economy, digital personal assistants and Bluetooth are transforming the ways mobile-savvy consumers interact with their devices, and also propelling mobile payments. Via blog.heliossolutions.in
Key Financial Industry Trends 2017
There were 347 million mobile payments made via banking apps in 2015. In addition to 417 million payments made via internet banking in 2015, a modest 2% rise from 2014. The report found: With 40,000 financial app downloads a day in 2015, this is a 25% increase on 2015. The question for the beginning of 2017 is, what will 2016 show? Via smarthherinsights.com
The Biggest Tech Trends from China to Watch for In 2017
Credit cards have never taken hold, with most customers opting instead to use their phones and payment apps such as Alibaba’s payment system, Alipay, and WeChat. An Ernst & Young report found that 40 percent of consumers in China now use new payment methods. Via forbes.com
Wearable Technology Will Accelerate the Adoption of Biometric Technology
Global mobile biometric market revenues will reach $34.6 billion annually. Particular forms of biometric information and capturing technology are expected to have a strong impact on overall adoption. Behaviometrics and mobile technology will become major forces in accelerating the adoption of biometrics. Via letstalkpayments.com
Rendered cashless, people now embrace technology
Nani, running a tea outlet in Seshadri Nagar area, was incidentally the first to adopt the technology. The boy in his late teens was frustrated at being handed Rs.2,000 notes, post-demonetization, and was forced to lose business in hundreds as he could not give change. Via thehindu.com
Payments disruption ahead
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