Welcome to the weekly edition of Payments NEXT news. We go in-depth to look at cashier-less checkout trends, cross-border e-commerce success tips, Amazon fake products and Google Pay’s new program to offer loans by mobile app in India. As always, we wrap up with our popular weekly global payments news highlights. Good reading and have an enjoyable weekend!
Cashier-less checkout tests grow, barriers remain
With the opening of its second store in Seattle, Amazon Go is in the vanguard of the cashier-less checkout movement. Juniper Research says cashier-less checkout systems for retail and grocery stores could process more than $78 billion in transactions by 2022, up from $9.8 billion this year. The number of consumers using these high-tech checkout systems could also grow from 4 million users this year to more than 30 million by 2022. Read more…
Cross-border commerce success is simple if done right
Statista reports the number of global online shoppers between 2014 and 2018 jumped by 36%, growing from 1.32 billion to 1.79 billion people. According to Braintree, PayPal’s mobile web payment system, cross-border shoppers also want their shopping experience to be simple and painless. Read more…
Gartner: Amazon has a fake products problem
According to Gartner L2’s Amazon Intelligence: Third-Party Distribution Strategies Playbook report, Amazon has a substantial counterfeit products problem. Gartner estimates 33% of third-party vendor listings have at least one review containing terms such as “fake” or “counterfeit.” The report says, “These ‘counterfeit’ reviews, however, make up only 5% of total reviews. Read more…
Google Pay offers Indian consumers loans within its mobile app
Google and four Indian banks will offer Indian consumers instant loans in the ultracompetitive $1 trillion Indian digital financial market. According to a Bloomberg report, “HDFC Bank Ltd, ICICI Bank Ltd, Kotak Mahindra Bank Ltd, and Federal Bank Ltd to offer instant, pre-approved loans to customers right within Google Pay in a matter of seconds.” Read more…
What’s trending in global payments news this week?
Lots of news, innovations and new developments in payments news this week (Aug 31). Here’s a collection of what we’re reading and what you need to know including Café Shiru’s free coffee for data, Amazon fake products, mobile sales on track to reach $117 billion in 2018, EMV card adoption up 400,000 in the US in the first half of 2018, and much more. Read more…
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