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Brits spend £2.5bn with contactless in first half of 2015

September 1st, 2015

More than £2.5bn (US$3.8bn) was spent using contactless cards in the UK in the first half of 2015 compared to £2.32bn (US$3.55bn) for the whole of 2014, research from The UK Cards Association reveals as… More

$14.9bn biometrics market by 2024

August 27th, 2015

The worldwide biometrics technology market will grow from US$2bn in 2015 to $14.9bn by 2024, research firm Tractica predicts. “During that period, Tractica forecasts that cumulative revenue will total $67.8bn,” the company says. The ‘Biometrics Market Forecasts’ report is based on a comprehensive 10-year market forecast for biometrics hardware and software from 2015 to 2024.

620m biometric app downloads by 2020

August 26th, 2015

More than 620m mobile banking apps that support biometrics for customer authentication and transaction verification will be downloaded by 2020, research from Goode Intelligence predicts. “Additionally, almost 160m wearable devices will be benefiting from seamless biometric authentication for accessing banking services on a variety of wearables, including smartwatches and bands,” the company says.

NFC chip market to rise 50.6%

August 26th, 2015

The global NFC chip market will grow at a compound annual growth rate (CAGR) of 50.6% by volume over the period 2014-2019, analysts from market research firm Technavio predict in the company’s ‘Global NFC Chips Market 2015-2019’ report.

UK consumers increase contactless spending 560% in 12 months

August 26th, 2015

The amount British consumers have spent using their contactless cards has increased 560% in the last 12 months, research from MasterCard has revealed — a more than sixfold year-on-year growth and up from a 373%… More

Mobile payments market to reach US$1tn by 2017

August 24th, 2015

About US$1tn will be spent using mobile payments services in 2017, up 124% from less than US$500bn expected in 2015, International Data Corporation says. “Asia/Pacific markets will contribute to this growth greatly as mobile commerce transactions with remote payments take off across the region,” the company predicts, adding the region is “expected to lead the world in mobile payment developments”.

Four in five Apple Watch owners use Apple Pay

August 24th, 2015

Some 80% of Apple Watch owners that are eligible to use Apple Pay have already done so, research from Wristly has found, with 79% saying they prefer using the mobile payments service on their Apple… More

Apple Pay gets 98% satisfaction rate for in-store purchases

August 11th, 2015

Apple Pay has gained a 98% satisfaction rate among those that have used the mobile payments service to make an in-store payment in the US, Auriemma Consulting Group’s Marianne Berry has told NFC World, adding that… More

Transaction amounts on iOS double those on Android

August 10th, 2015

Average transaction amounts on iOS devices (US$124.47) were almost double those made on Android ($65.22) in 2014, research from Kount reveals. “Average online and in-store transaction amounts were greater than those on mobile devices overall until the first six months of 2015 in which purchases on the iPhone ($129.94) and iPad ($164.19) began to exceed non-mobile transactions ($106.94),” the company adds.

Less than half of US small businesses aware of EMV liability shift

August 7th, 2015

Only 49% of small business owners in the US that accept point-of-sale card payments today are aware of the EMV liability shift on October 1, with just 29% intending to make the change before the deadline and 34% intending to do so afterwards. More

11% of US retailers integrate loyalty with payment app

August 7th, 2015

Some 11% of US retailers have already integrated a loyalty program into a mobile payment app, while 40% plan to do so within the next two years and 20% in three to five years, research from Boston Retail Partners reveals. Meanwhile, 29% allow customers to redeem rewards on mobile devices and 25% give customers access to special offers.

25% of world’s population to use mobile banking in four years

August 3rd, 2015

More than 25% of the world’s population will use mobile banking in the next four years, research from KPMG using data from UBS Evidence Lab reveals, predicting the number of users will double to 1.8bn. “Mobile banking is clearly supplanting all other channels as the main portal between the bank and the consumer,” says KPMG’s David Hodgkinson. “Banks must adapt or die.”

US IT decision makers unprepared for EMV

July 31st, 2015

Some 42% of US IT decision makers have taken no steps or are unaware of any progress being made in the migration towards EMV, research from Randstad Technologies finds, with only 58% actively preparing in time for the October liability shift deadline. “A majority indicated little concern for the magnitude of risk associated with missing the deadline,” it adds.

42% of US iPhone 6 owners use Apple Pay in May and June

July 29th, 2015

More than two fifths of iPhone 6 and 6 Plus users reported having used Apple Pay between the end of May and mid-June, with 84% making more than three in-store transactions, the bi-monthly Apple Pay… More

Wearable payments to reach $501bn by 2020

July 27th, 2015

Payments made using wearable devices such as smart watches, fitness trackers and wristbands will grow from US$3.1bn in 2015 to $501.1bn worldwide by 2020, research from market intelligence firm Tractica finds. “By that time, wearable payments will represent approximately 20% of the total mobile proximity transaction volume and about 1% of total cashless transactions in retail,” the firm adds.

US shoppers buying into mobile payments

July 27th, 2015

Almost one in five US consumers (18%) have used a mobile device to make either an in-store or online purchase, up from 16% in 2014 and 12% in 2013, research from Synchrony Financial reveals, based on nearly 7,000 Synchrony Bank cardholders and shoppers nationwide. “Value propositions, including free shipping, loyalty programs and personalised offers, continue to be important,” the company adds.

Three in four consumers interested in using alternatives to passwords online

July 24th, 2015

One in six consumers find usernames and passwords “cumbersome” and 77% are interested in using alternatives to protect their security on the internet, research from Accenture reveals. More than half (58%) say they are interested… More

Half of UK consumers want to pay with contactless

July 22nd, 2015

Just under half of UK consumers (47%) either expect or would prefer businesses to offer contactless payments for transactions of less than £20, research conducted by GfK for Lloyds Bank Cardnet reveals. 12% think not… More

Half of UK young adults pay with contactless each month

July 21st, 2015

Nearly half of 25-34 year olds in the UK (44%) use contactless payments in an average month, research from YouGov and payment systems provider ACI Worldwide has revealed. 54% of the same age group are also using mobile banking at least once a month, the survey found.

Nearly half of US diners interested in mobile payments

July 21st, 2015

Some 46% of US diners like the idea of using their mobile phone to pay in restaurants even though they have never done so, while of the 13% that have tried it over half liked the experience, research from restaurant booking service OpenTable finds. “Our research suggest that the majority of consumers will ultimately be interested in paying for restaurant meals on their phone, just as they swipe to pay in other areas of their lives today,” the company says.

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