Nearly two-thirds of consumers in Europe (63%) have abandoned a digital bank application in the past year, compared with 40% in 2019, according to new research... More
Six in ten Europeans abandon digital bank applications during onboarding
Report
Russia launches public consultation on digital ruble
The Central Bank of Russia (CBR) has begun a public consultation on the launch of a central bank digital currency (CBDC) that would allow citizens to use “mobile devices and other media” to make payments using a digital ruble... More
Six in ten US merchants now accept contactless payments
The percentage of merchants in the USA that now accept contactless payments has risen to 58% from 40% last year, while those accepting mobile payments from digital wallets has gone up to 56% from last year’s 44%, according to research released by the National Retail Federation (NRF)... More
Central banks set out ground rules for digital currencies
A working group set up by seven central banks and the Bank for International Settlements (BIS) has laid out a set of ground rules for the successful issuance of central bank digital currencies (CBDCs)... More
S&P reports on the mobile payments market in China
While Alipay and WeChat Pay have by far the largest number of mobile payments users in China overall, younger and more affluent consumers are more likely to use less well known services such as Du Xiaoman Pay and QQ Wallet, an in-depth market analysis by S&P Global has found... More
Digital wallet user base to increase to 4bn by 2024
The number of digital wallet users globally will increase from 2.3bn in 2019 to 4bn in 2024 and global non-cash transactions will grow to nearly 1.1tn in 2023 from 708.5bn in 2019, according to the World Payments Report 2020... More
European Central Bank sets out case for a digital euro
The introduction of a digital euro “would support Europe’s drive towards continued innovation”, “strengthen the international role of the euro” and provide consumers with “free access to a simple, universally accepted, risk-free and trusted means of payment”, according to a new report published by the European Central Bank (ECB)... More
BCG reports on the mobile payments market in Africa
Kenya and Ghana have the highest rates of mobile payment use in the world after China and, ultimately, there could be as many as 850 million mobile payment users in Africa conducting transactions worth US$2.5tn to US$3tn a year, according to a report from the Boston Consulting Group (BCG)... More
PSCU reports 70% increase in US mobile debit card transactions
The weekly volume of mobile wallet debit card transactions in the USA has increased by 70.3% compared with this time last year, while weekly mobile wallet credit card transactions have grown by 50.4% over the same period, according to the PSCU’s latest Tracking Transaction Trends report... More
Strong customer authentication requirements could cost European retailers €100bn in lost sales
The introduction of the 3D Secure 2.0 (3DS2) protocol for strong customer authentication (SCA) could cost European retailers more than €100bn (US$116.7bn) in online sales in 2021, payments consultancy CMSPI predicts... More
Juniper forecasts ‘permanent shift’ to contactless ticketing
Mobile ticketing transaction volumes, including contactless, in-app and mobile messaging ticket purchases, will increase from 6.8bn transactions in 2020 to 16.9bn in 2022, heralding a permanent shift towards contactless ticketing, according to a forecast by Juniper Research... More
EU to report on its investigation into Apple Pay next week?
The European Union is to publish a report next week that will provide further information on the results of its investigation into Apple Pay and could lead to new legislation forcing Apple to provide more open access to the NFC chip in its devices, according to “documents obtained by Bloomberg”... More
DBS reports on the digital currency market in Asia
Asia is leading the way in the use and development of digital currencies and remains the world’s largest digital payments market, with China alone accounting for more than half of the total transaction value worldwide, according to a new research paper published by Singapore’s DBS Bank... More
BIS reports on central bank digital currency initiatives around the world
Countries with digitised and innovative economies are more likely to be developing central bank digital currency (CBDC) projects while those with a larger informal economy are tending to focus on creating retail CBDCs, a working paper published by the Bank for International Settlements (BIS) reports... More
Australia records sharp increase in NFC mobile payments adoption
A total of 10.8% of Australians are now using Apple Pay, Google Pay or Samsung Pay, up from 7.1% a year ago, a new report from market researchers Roy Morgan has found... More
Berg Insight releases contactless POS terminal market stats
Shipments of NFC-ready POS terminals reached 47.8m units globally in 2019, bringing the total to 100.4m worldwide, according to Berg Insight... More
Mastercard reports 40% growth in contactless transaction volumes
“We have seen over 40% growth in contactless transactions worldwide in the first quarter,” Mastercard president Michael Miebach has revealed, with “more than half of new tappers saying they will continue to use contactless once this pandemic is over.”... More
Apple Pay now accounts for 5% of global card transactions
Payments made via Apple Pay now account for around 5% of global card transactions, according to research firm Bernstein — and are set to represent 10% of all card transactions by 2025... More
One in three Canadians make mobile contactless payments ‘on a regular basis’
Canadians rapidly adopting new payments channels — Payments Canada — “Contactless payments grew 30% year over year from 2017-2018 with a total of 4.1bn contactless payments (card and mobile) worth CA$129.9bn (US$98.58bn) at the point of sale (POS)… Mobile devices were used by nearly 35% of Canadians for contactless payments on a regular basis in 2018.”
Mastercard reports on wearable payments adoption
The volume of transactions made using wearable devices has seen an eightfold increase in Europe over the past 12 months, Mastercard reports, while Australia tops the list of countries where most wearable payments are now being made.... More