Digital wallets to be used by half the world’s population by 2024

Half the world’s population to use digital wallets by 2024 — Juniper Research — “A new study from Juniper Research has found that the number of people using digital wallets will increase from 2.3bn this year to nearly 4bn, or 50% of the world’s population, by 2024. This in turn will push wallet transaction values up by more than 80% to more than $9tn per annum.” 


Four in ten POS terminals now accept contactless payments

Have contactless cards become the tool of choice for low-value payments? — RBR — “At the end of 2017, there were 5.3bn contactless cards in circulation worldwide — this represents 35% of all cards, a share that RBR forecasts will increase to 57% by 2023… The number of eftpos terminals worldwide which allow contactless payments rose by 41% in 2017 to reach 40.9m.” 


EPC reports on QR and Bluetooth mobile payments in Europe

White Paper: Non-NFC based Mobile Sepa Card Proximity Payments — European Payments Council — “The document aims to create awareness amongst the payments industry about the development of non-NFC based MCPP [Mobile Sepa Card Proximity Payments] solutions and to provide a common understanding of the MCPP landscape. This final version also reflects the outcome of a three-month public consultation that ended in February 2019.” 


Android Q to let Google Pay users quickly switch between payment cards

Android Q Beta 4: Google Pay cards could live in power menu w/ ‘Cards & Passes’ — 9to5Google — “Cards will apparently appear as soon as the power button is long-pressed and users can then swipe through them, presumably to switch the card being used with NFC payments. Based on the description, this carousel will also be able to show things such as loyalty cards and tickets.” 


Google Pay issues major update to its API for Passes

4 smartphone screens

Google has announced a suite of upgrades for transportation operators, airlines and loyalty card issuers that extends the functionality of its Google Pay API for Passes — and revealed future plans to make Passes “available to your users on Google even if they haven’t installed the Google Pay app”... More


AmEx to convert all US cards to contactless

American Express says to NYC Subway riders: Don’t tap and pay without It — American Express — “Beginning in July, all newly issued and replacement US American Express consumer cards will be contactless. The contactless feature is now available on all US American Express consumer cards upon request through AmericanExpress.com, the Amex mobile app, or by phone.” 


EMVCo unveils Secure Remote Commerce icon

EMVCo's SRC payment icon

EMVCo has produced a new payment icon that can be used to signal to consumers that its EMV Secure Remote Commerce ‘virtual payment terminal’ specification is being used as a foundation to process card-based payment transactions in remote-checkout environments, including websites and apps... More


UK banks to refund victims of push payments fraud

Scam victims to be refunded by banks — BBC — “Previously, banks only tended to reimburse people if there was an obvious fault in the way the payment was handled by the bank. Some £354m (US$446m) was lost in this fraud to individuals and businesses last year, but only £83m (US$105m) was refunded… Now anyone who has taken reasonable care, or has any element of vulnerability, is much more likely to receive a refund of the lost money.” 


BBVA to roll out single mobile payments platform for all its banks around the world

BBVA builds a global payment platform for the future — BBVA — “BBVA Group has developed a platform to facilitate mobile payments across all the countries in its footprint. The platform developed by BBVA connects to Visa and Mastercard directly from each country’s application and provides the data required to process digital transactions from a smartphone” 


Banks balk at Apple Card business

A Goldman Sachs rival pulled out of the Apple Card deal on fears it will be a money loser — CNBC — “‘Dude, if that portfolio ever makes money, I’m buying you a beer,’ an employee at the card department of a big bank texted a Goldman staffer… Citigroup was in advanced negotiations with Apple for the card but pulled out amid doubts that it could earn an acceptable profit on the partnership, according to people with knowledge of the talks… Goldman is ‘thrilled’ to be partnering with Apple, according to Andrew Williams, a spokesman for the New York-based bank.” 


Analyst: Rise of OEM Pay smartphone wallets to cost banks US$15bn — in Australia alone

$22b of bank revenue at risk from smartphone wallets: Morgan Stanley — The Australian Financial Review — “Smartphone digital wallets offered by Google, Apple and other technology giants will put A$22bn of revenue across the major Australian banks at risk, according to Morgan Stanley… Its analysts came to that figure after looking into how a banks’ payments capability influences decisions relating to other products. This includes transaction accounts that give major banks an opportunity to cross-sell customers more profitable products such as mortgages.” 


Maybank signs up 250,000 merchants for QR mobile payments in Malaysia

New chain outlets increase Maybank QRPay merchant base to more than 250,000 — Maybank — “More than 250,000 merchants throughout Malaysia now accept payments using Maybank QRPay, its QR code mobile payment platform, following the recent addition of major chain outlets which include TGV Cinemas, KK Super Mart, 99 Speedmart and Big Pharmacy. This is set to increase further as McDonald’s, Mydin and Starbucks are also piloting this mobile payment option at selected stores within Klang Valley.” 


McDonald’s links up with Alibaba’s food ordering app to drive loyalty card sign ups

McDonald’s China links loyalty program to Ele.me app — Alibaba — “Starting this week, Ele.me users can activate a McDonald’s membership card with just one click on the app to earn loyalty points for purchases and receive vouchers worth up to RMB88.5 ($12.80). The fast food giant attracted nearly 20,000 new members on its first day of launching the service on May 20, while single-day orders increased about 20% week-over-week, McDonald’s China said.”