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    The Market

    News about The Market.

    Study shows growing European appetite for mobile payments

    October 12th, 2016

    Some 54% of European consumers are using a mobile device to make payments for a range of activities in-store, in-app and online, compared to 18% at this time last year, Visa’s 2016 Digital Payments Study… More

    UK consumers keen on NFC mobile payments

    October 11th, 2016

    A quarter of UK consumers are making NFC mobile purchases or would like to do so in the future, research by Mastercard reveals, with the figure increasing to 45% for those aged 25 to 34. More than two in five are ready to give up carrying cash completely, with 40% attributing their reduced use of traditional currency to wider acceptance of contactless payments. “Some 44% of consumers claim they would ditch notes and coins altogether if card payments were accepted everywhere,” Mastercard says.

    US now Visa’s biggest EMV market

    October 3rd, 2016

    There are now more than 1.46 million chip-enabled businesses and 363 million chip-enabled Visa cards in the US, making it the largest Visa chip card market in the world, the company has revealed. “The number of Visa chip transactions surpassed half a billion in the month of August, representing a 1,000+ percent annual increase,” the payment network says.

    Contactless POS transactions nearing $500bn

    September 22nd, 2016

    The global annual value of contactless point of sale terminal transactions — conducted in-store using cards, mobile phones and wearables — will approach US$500bn in 2017, up from an estimated $321bn this year, Juniper Research predicts. “However, the low value nature of contactless payments means that it will only represent just 5% of the total value of all POS transactions in 2017,” the firm says.

    Study shows Canadians’ growing enthusiasm for mobile payments

    September 21st, 2016

    Cash purchases will make up only 10% of money spent in Canada by 2030, claims research released by Moneris. Compared to 35% of overall transactions in 2014, the 70% decline in cash usage will see… More

    Visa reveals growing Euro interest in biometric authentication

    September 19th, 2016

    More than three in five European consumers (62%) believe using biometric forms of payment authentication will be faster and easier than passwords and PINs, research by Visa reveals, with 42% believing that the procedure could completely… More

    NFC Forum agrees key markets promotions

    September 15th, 2016

    The NFC Forum has signed agreements with the Car Connectivity Consortium (CCC), the FIDO Alliance and the Smart Ticketing Alliance to collaborate on projects that will “advance the adoption and usability of NFC in key markets and technology sectors” including automotive, public transportation and digital identity. “All of the collaborations are focused on educating the market, unleashing innovation and removing barriers to interoperability,” the organisation says.

    Worldwide card payments on the rise

    September 8th, 2016

    The total number of global card purchases increased by 15% in 2015 to 270bn, almost double the 8% rise in card numbers, RBR’s Global Payment Cards Data and Forecasts to 2021 reveals. “The number of card payments worldwide is projected to rise by 55% between 2015 and 2021 to reach 417bn. This compares to growth of 28% in card numbers over the same period,” the firm says. “The research indicates that consumers around the world are increasingly turning to cards to make purchases.”

    US study reveals increased use and awareness of Apple Pay, Android Pay and Samsung Pay

    September 5th, 2016

    Nearly nine in ten US consumers with Apple Pay compatible devices (89%) are now aware of the mobile payment service, research released by First Annapolis Consulting reveals. 64% of those owning Android Pay compatible devices… More

    Sharp rise for Apple Pay and Android Pay

    September 1st, 2016

    Online and in-app purchases made via Apple Pay and Android Pay will reach US$8bn in 2018, up from $540m this year, Juniper Research predicts. “Staples, for example, has already reported that over 30% of its iOS app users make in-app purchases through Apple Pay,” the firm says. “Meanwhile, despite the continued contraction of the consumer tablet market, more than 85% of remote goods payments are forecast to be made using mobile devices in 2021.”

    Apple says NFC access “not open to negotiation with any bank”

    August 31st, 2016

    Apple has made clear that allowing access to the NFC technology within its iPhone is “not open to negotiation with any bank”. More

    Coles backs Australian banks versus Apple

    August 30th, 2016

    Supermarket giant Coles is backing the group of Australian banks seeking power to “collectively negotiate” with third party mobile wallet providers. “We believe the ability to tailor solutions for customers and provide them with greater value should be the driver for customer choice and not a technical lockout,” says the retailer in a submission to the Australian Competition and Consumer Commission (ACCC). Earlier this month the ACCC ruled that it would not grant the banks interim authorization to collectively negotiate.

     

    Two in three young Brits have made a mobile payment in-store

    August 25th, 2016

    More than two thirds of the UK’s 16-34 year olds (67%) have used their mobile phone to make an in-store payment, research released by Worldpay reveals. More

    Barclaycard reveals large contactless increase across UK

    August 23rd, 2016

    The amount spent by Barclaycard customers using contactless technology in the UK has multiplied 2.7 times so far this year, with usage increasing 173% by value and 112% by volume, the latest Barclaycard Contactless Spending… More

    UK contactless spending hits record high

    August 23rd, 2016

    Spending on contactless cards in the UK during the first half of 2016 outstripped the total for the whole of 2015, The UK Cards Association reveals. “Some £9.27bn (US$12.23bn) was spent using contactless methods between January and June of this year,” the organisation says, “more than the total 2015 contactless spend of £7.75bn (US$10.22bn).” 1.1bn transactions were made in the first half of 2016, compared with 1.05bn for the whole of 2015. Contactless card payments accounted for 18% of total purchases in June 2016, compared to 7% in June last year.

    ACCC rejects Australian banks’ negotiation bid

    August 22nd, 2016

    The Australian Competition and Consumer Commission (ACCC) has decided not to grant a group of Australian banks interim authorization to “collectively negotiate” with third party mobile wallet providers.  More

    ANZ accused over Apple Pay support

    July 29th, 2016

    Australian bank ANZ is being accused of “pulling a fast one” after walking away from a collaborative effort with its big four rivals to seek stronger negotiating powers over third party mobile wallets and announcing its support for Apple Pay. “One of the applicants was ANZ Bank,” says Lance Blockley, a spokesman for the applicant banks, as reported by news.com.au. “They chose to pull a fast one on their competitors and their joint applicants earlier this year when they withdrew from the group of applicants and decided to negotiate separately with Apple.”

    Australian banks seek stronger negotiating powers with third party mobile wallet providers

    July 27th, 2016

    A group of Australian banks have submitted an application to the Australian Competition and Consumer Commission (ACCC), urging for the right to ensure they are able to “collectively negotiate” with third party mobile wallet providers.  More

    Mobile payments to grow 42% in 2016

    June 20th, 2016

    Mobile payment transaction volume will grow by 42% to reach 26.9m in 2016, up from 18.9m in 2015, research from Future Market Insights predicts. “In terms of value, this will represent nearly US$768.78bn, up from $549.91bn in 2015,” the firm says. “Payments made through NFC, widely touted as the technology of the future, will witness the highest year-over-year growth rate, increasing at over 59% in 2016.”

    China sees rapid growth in proximity mobile payments

    June 7th, 2016

    The number of Chinese consumers making in-store mobile payments more than doubled last year and almost half of all smartphone users in the country will be making proximity mobile payments by 2020, according to research… More

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