We’ve got global payments news from mobile-mad trends in China and Internet of Things payments to Facebook’s appetite for payments revenue and Domino’s slice of the voice payments market.
Analysis research shows Alipay had 54.7% of China’s mobile payments market and Tenpay 37%. The UN reports mobile and digital payments will overtake credit and debit cards as the most popular payments form by 2019. Facebook is developing an appetite for payments revenue, having earned $154.7 million in Q2.
With 310.4 million devices sold this year, Internet of Things payments are expected to grow in the future. Worldpay research shows privacy and hacking are top IOT concerns with consumers in China. In Luxembourg, Chinese fintech PingPong received a payments institution license.
Mastercard says online is 20% of its business but makes up 50% of its fraud cases. Pointofsale.com looks at five mobile payments myths business owners need to know. B2B represents a $6.7 trillion e-commerce business opportunity according to research from Frost & Sullivan. Domino’s has a healthy slice of the voice payments market thanks in part to the growth of Amazon’s Alexa devices.
In Beijing, cash is not king and mobile payment reigns supreme
In Beijing, cash is not king and mobile payment reigns supreme. Based on a report by Chinese research firm Analysys, Alipay had a market share of 54.7% in China’s mobile payments market as of the fourth quarter of last year, while Tenpay — which incorporates both WeChat Pay and QQ Wallet — came in second with about 37%. Via TODAYonline
Mobile payments ‘to overtake credit cards’ as preferred ways to pay in online commerce by 2019
Online, mobile and digital currency payment systems are set to overtake credit and debit cards as the most popular ways to pay in e-commerce worldwide by 2019, a report by a UN body on international trade and development said. In China, the size of the mobile payment market had reached 23 trillion yuan ($3.5 trillion) by the end of Q2, up 22.5% from the previous quarter, according to Analysys International. Via scmp.com
Why Facebook’s Payment Appetite Is Understandable
Facebook is not new to digital or mobile payments business. In 2017, the company reported $157.0 million in revenue from payments operations. It posted payments revenue of about $197.0 million per year previously. Facebook generates payments revenue through supporting transactions for video game publishers such as Zynga. Via marketrealist.com
Today in Data: Intelligence of Things Pushes Innovation
From virtual assistants and voice-activated devices to fitness trackers and other wearables, the Intelligence of Things (IoT) is permeating more and more facets of everyday life. Here are the numbers: 310.4 million wearable devices sold this year; 4.4 connected devices per person. Via PYMNTS.com
Cyber threat to payment industry demands multi-layer defence
Although the payment industry is targeted by relatively few cyber attackers, they are becoming increasing sophisticated, according to Ajay Bhalla, global security chief at Mastercard. As the industry has tightened security around physical payment cards, criminals have moved into the digital space. “Although only 20% of card payment transactions are online, this space accounts for 50% of all our fraud cases,” said Bhalla. Via computerweekly.com
Privacy and hacking top IoT concern among Asian consumers
Worldpay’s Connected Consumer research reveals consumer confidence, specifically in shopping via connected devices, has yet to catch up in Australia, China and Singapore. Chinese consumers indicated the most comfort with IoT, with only 18% uncomfortable with a device ordering a product on their behalf without asking, while Australians showed the least (39% uncomfortable). Via enterpriseinnovation.net
Common Mobile Payments Myths All Business Owners Need to Know
Transactions made on smartphones or other types of small, internet-enabled devices has grown significantly and demand doesn’t look like it will slow down any time soon. In fact, according to recent statistics, the worldwide mobile payment revenue is expected to hit more than $1 trillion in 2019. If you haven’t started making mobile payments available to your clients yet, it’s therefore time to remedy this situation. Via pointofsale.com
As Shopping Behavior Shifts, Payments Ecosystem Evolves
As changes in consumer behavior reshape the retail environment, brands and retailers are making investments in technology to help improve the consumer shopping experience. This includes machine learning, artificial intelligence, mobile commerce and digital marketing — all of which are evolving as these solutions are deployed “in the field.” At the point of sale, payment technologies are also evolving as the demands of consumers shift. Via wwd.com
Payment Platforms: SMB Payment Acceptance
Why B2B is the next trillion-dollar payments opportunity
Consumer-facing industries like fashion and electronics have long led the payments innovation game. B2B businesses are typically older, running on what they know and what’s come before them. As a result, the $6.7 trillion B2B e-commerce opportunity remains largely untapped – and payments represent an important part of that untouched territory. Via mobilepaymentstoday.com
Domino’s has a big slice of the voice payments pie thanks to Amazon’s Alexa
Domino’s has a big slice of the voice payments pie thanks to Amazon’s Alexa. The rise of voice payments will only continue to benefit Domino’s. It’s been easy to integrate voice assistants into devices because the hardware needed to support the technology — such as microphones, speakers, and processors — are inexpensive. Via Business Insider
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