We’ve got a roundup of the latest mobile payments news, innovations and developments from key markets around the globe to wrap up your weekly reading.
Mobile Payments in US to Reach $3 Trillion Within Two Years
The biggest number here is a comparative: in 2015, mobile payments in the US represented $550 billion. That’s good by most any standard, but the growth expected is staggering. By 2020, that number is projected to hit $2.8 trillion. That represents a compound annual growth rate (CAGR) of 39.1 percent, which is far beyond most any but the most unlikely investments. Via paymentweek.com
Digital payments begins takeoff in earnest
Even as Americans continue to use checks for some transactions, faster digital payments have begun taking off. Particularly surprising has been the rapid pickup seen in usage of Zelle, the bank-owned P2P payments method, according to Rajesh Venkatraman, director of worldwide payments sales for IBM Cognitive Solutions, in an interview. Via bankingexchange.com
Apple Pay Cash May Expand Internationally
Apple Pay Cash is reportedly coming to more countries, with users in Brazil, Ireland and Spain reporting seeing the payment service appear on their Messenger app. That’s according to Engadget, which said on Flipboard that the peer-to-peer payment service appearing in the iOS messaging app is a sign that the payment method is coming to those countries shortly. Apple hasn’t made an official announcement on that, noted the report. Apple Pay Cash, as it stands now, lets you pay in your home country only. Via pymnts.com
Breaking: Mobile Payments App Circle Acquires Crypto Exchange Poloniex
Multi-currency money-sending app Circle has announced that they have acquired US-based cryptocurrency exchange Poloniex for $400 mln, Fortune reports. Goldman Sachs-funded Circle is made up of three parts: Circle Pay for fiat transfers, Circle Trade as a liquidity provider of cryptocurrencies, and the upcoming Circle Invest, an app that will allow retail customers to invest in crypto markets. Via cointelegraph.com
Restaurant Reservation Platforms Push Loyalty
When guests are a no-show, restaurants get burned by losing a table and a paying customer. But reservation platforms are firing up solutions to capture customers’ attention — and, more importantly, to keep their cancellations to a minimum. To address these financial woes, Payments as a Service (PaaS) solution providers are trying to offer a lifeline. Via pymnts.com
Britain’s big banks play catch up with fintech with new apps
LONDON (Reuters) – British retail banks are poised to introduce money management apps to compete with those already launched by financial technology start-ups, betting their trusted brands, broad client base and deep pockets will help them make up lost ground. Via reuters.com
Compiled by the PaymentsNEXT editorial team
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