Our post today is all about mobile payments, tech innovations and who’s beating the competition when it comes to making mobile easier to use for consumers around the world.
A UN report says by 2019, more payments will be made by mobile than credit cards globally. New Forrester research highlights the next wave of mobile payments adoption including peer-to-peer payments and cardless ATMs.
Mobile, artificial intelligence and camera technology are helping retailers reduce checkout lineups. Apple and Zelle are making the $1.2 trillion US mobile payments market more competitive. Wells Fargo launched mobile “tap and pay” at 5,000 ATMs and will add the feature to all 13,000 ATMs within a year.
Elavon and Poynt launched a new Poynt Smart Terminal in Canada making it easier for businesses to accept mobile payments anywhere. Timex and Barclaycard introduced a line of smartwatches able to make contactless payments. GPS and Intercash will enable payments up to $227,000 with luxury gold and titanium jewelry crafted by Swiss maker Armillion.
Global mobile news roundup
Chinese mobile payments volume doubled to $5 trillion in 2016, according to Analysys data. The writer mentioned it’s almost impossible to do business without mobile payments anymore in China. A Copenhagen School of Economics report predicts Sweden’s retailers will stop accepting cash entirely by 2023. Google India’s Tez mobile payments app has been downloaded more than 5 million times since launching three weeks ago.
Danske Bank will drop its MobilePay app and join the Vipps mobile payments program used by more than 100 Norway banks. Taiwan has its first totally digital bank with the launch of O-Bank. In Dubai, Mashreq launched Neo, a digital banking service aimed at millennials in that country.
UN Predicts More Mobile Payments than Credit Card Payments
If you don’t already have a mobile payments system of choice, chances are you will in the next two years. A report from the United Nations Conference on Trade and Development (UNCTAD) suggests that no matter where you live, mobile payments will be big. In fact, mobile payments will actually be used more frequently than credit cards by 2019, if the report holds true. Via paymentsjournal.com
Research highlights the next wave of mobile wallet adoption
Cardless ATMs, peer-to-peer payment apps and store loyalty programs have positioned mobile wallets to provide value to both consumers and merchants, shows a recent research from Forrester for JPMorgan Chase. Mobile power users come from diverse backgrounds, but tend to be younger and more affluent: 79% own an above average number of tech devices (4+); 84% like trying new apps on their phone; 65% say they are the first to try (or follow closely) banking/money management tech online. Via thepaypers.com
Mobile, AI and camera tech are removing lines at retailers
In the more sophisticated mobile app versions of scan and go, shoppers scan items with their smartphones and then easily pay for their shopping in-app, removing the need to wait in line altogether. He or she downloads the contactless app of a chosen retailer chosen retailer at home and links it with a preferred payment card(s). Each time a consumer enters one of the retailer’s stores, he or she scan items using the phone’s camera and pack as they go. Via paymentssource.com
Apple, Zelle make P-to-P even more competitive
Apple caused quite the stir at its annual Worldwide Developer Conference this June as the company signaled its intent to move into the social payments space. With the move, Apple follows fellow Silicon Valley giant Facebook and the legacy banking tie-up Zelle into the consumer payments space. Digital P-to-P payments isn’t a new concept, but there’s a giant market up for grabs, one that the analyst firm Aite Group estimates to be a $1.2 trillion in the US alone. Via paymentssource.com
Wells Fargo launches mobile “tap and pay” functionality at 5,000 ATMs
More than 5,000 ATMs of Wells Fargo (40% of its ATM network) now have near-field communication (NFC) enabled mobile wallet capability – i.e. the bank’s debit card customers can now “tap and pay”. Now, a customer can initiate an ATM transaction by signing into a range of mobile wallets: Wells Fargo Wallet for Android, Apple Pay, Android Pay or Samsung Pay. They simply hold their smartphone or wearable device near the terminal, input their PIN and the transaction is completed. Via bankingtech.com
Elavon and Poynt bring Poynt Smart Terminal to Canada
Built-in wi-fi and broadband capabilities enable businesses to accept payments at the counter, in-aisle, at the table, or wherever their customers want to pay. Poynt is a wireless, dual touchscreen, smart terminal that allows businesses to accept payments anywhere. Via thepaypers.com
Timex and Barclaycard collaborate to create contactless payment watch
Timex and Barclaycard have partnered in true style to produce a new range of contactless payment watches. Coming in at a retail price of £159 ($210), it’s all about the leather bPay embedded strap, which brings wearable technology to the wrist. bPay works the same as other contactless payment methods, allowing for £30 and under at over 490,000 locations across the UK. Via bankingtech.com
GPS goes for luxury payments with wearables for Armillion
GPS partnered with programme manager Intercash to bring Armillion to market with its contactless payment-enabled jewellery. Switzerland-based Armillion creates limited edition handcrafted bracelets finished in gold or titanium and can enable contactless payments up to €200,000. GPS chief commercial officer Neil Harris describes the project as a “ground-breaking innovation in payments” and “yet another example of how contactless payments are evolving to support the lifestyle of even the most discerning consumers”. Via bankingtech.com
Global roundup of mobile payments news
We’ve got a quick roundup of mobile payments news from China, Sweden, India, Norway Taiwan and Dubai. As is often the case, the US lags most other countries around the world when it comes to mobile payments innovation.
China is living the future of mobile pay right now
The growth of mobile pay in China comes off a solid base of smartphone users. The ubiquitous WeChat messaging app from Chinese technology giant Tencent reached 963 million monthly active users in the second quarter. Alipay, which is owned by Alibaba affiliate Ant Financial Services, has 520 million users, according to its international website. Via cnbc.com
Reports Indicate That Sweden Will Stop Using Cash by 2023
Sweden is moving away from cash in favor of cards and mobile payment apps. According to a new study, the nation is on track to leave cash behind completely by 2023, though retailers expect to still accept cash for a couple more years after that. Have you noticed that, over the years, you’ve begun to use your cards or mobile pay apps much more frequently than cash? Via futurism.com
Google Tez App Hits 5 Million Downloads on Play Store
Google’s digital payment app – Tez – which was launched in India on September 18, has been downloaded five million times from Google Play. Within 24 hours of Tez being launched, Google saw nearly 1.8 crore ($271,000) gross merchandise volume (GMV) done with over four lakh (400,000) active users. The number of transactions on UPI platform increased to 3.07 crores ($461,000) in September as against 1.66 crores ($241,000) in August – an increase of 85.3%. Via gadgets.ndtv.com
Danske Bank terminates MobilePay in Norway; enters talks with Vipps
Danske Bank is to terminate its MobilePay app in Norway and throw its weight behind the rival Vipps service. Vipps, originally developed by DNB Bank, and MobilePay have been competing for two years for market share in Norwegian mobile payments. But the tide has recently turned in Vipps’ favour, following a February deal between DNB and 100 other local banks to acquire a 48% stake and spin off the service as an autonomous joint venture. Via finextra.com
O-Bank goes all-digital with Avaya’s tech
US-based tech company Avaya says it has helped O-Bank to become “Taiwan’s first, all-digital, online-only bank”. O-Bank is using Avaya’s multi-channel customer engagement tech, including Avaya Breeze (formerly Avaya Engagement Development Platform), to “solely serve customers located anywhere via mobile, video, voice and other online banking channels”. Via bankingtech.com
Mashreq launches Neo digital bank for millennials
Mobile financial services company Vipera assisted with the new Dubai Mashreq Neo digital bank launch. The Motif service is comprised of three personal banking products: mobile banking, mobile payments and mobile card control. The app also includes an “activity wall” which shows customers their recent activity in a timeline. Via bankingtech.com
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