Limited merchant acceptance points, fragmentation and consumer concerns over security and privacy will remain “substantial hurdles” to mobile payments at the physical point of sale in 2016, according to analysts at the Federal Reserve Bank of Atlanta. Fingerprint, facial and iris recognition will dominate as the most-used biometrics, a blog post by the reserve bank’s Retail Payments Risk Forum also predicts, although the technology is expected to “face critical adoption challenges”. EMV will pick up pace in the year ahead, the forum adds, while ACH same-day service will “not be a huge hit”.
- eMarketer: Mobile payments adoption held back by ‘strong contactless card usage’ in Europe
- Korean card companies to launch joint NFC payments service in bid to combat Chinese QR threat
- Wells Fargo puts AI into mobile app to help customers manage their money
- Apple CEO: Mobile payments taking off more slowly than expected
- Microsoft sets out vision for a blockchain-based infrastructure that lets consumers manage their own digital identities