Spending by British consumers on their contactless cards has increased more than five-fold in the last 12 months, according to MasterCard’s UK spending data. Cardholders have driven 560% year-on-year growth in the value of transactions, up from a 373% increase in the year to July 2014, showing that the adoption of contactless payments is continuing to accelerate.
Archive for August 2015
The number of annual purchases made via mobiles, tablets, desktops and other connected devices should reach 125 billion annually by 2018, up by more than 60% on 2015, recent research data reveals.
Medium term growth would be driven by a variety of factors including a rise in “commuter commerce” (on-the-go purchases) which would itself be fuelled by greater deployments of Wi-Fi and 4G connectivity on public transport, according to a recent report issued by Juniper Research. Digital transaction volumes would be further bolstered with the continued transition from physical formats (such as DVDs and CD-ROMs) to digital, and the rise in streamed subscription services.
By the end of 2017, worldwide mobile payments will more than double in value to around $1 trillion from less than $500 million in 2015, according to a new report from International Data Corporation (IDC). And, it will be m-commerce, not contactless payments in stores and Asia/Pacific, not North America or Europe, driving the increase, the report said. Emerging nations will have increasing access to the Internet via smartphones leading to a boom in connectivity. At the same time, IDC said, the growth in smartphone adoption will outpace growth in credit and debit card adoption, shifting payment behavior to bank-account-linked mobile wallets.
MasterCard has revealed plans to start testing facial recognition technology for payment verification in the Netherlands and the US.
For the pilot in the Netherlands, the company has partnered International Card Services (ICS) B.V. and ABN AMRO and will allow 750 cardholders to pay online through fingerprint and facial recognition. Participants in the three-month trial can download the MasterCard app from the Apple Store or Google Play and register on the ICS website to get a code emailed to them for activating online payments. Then, during checkout in a web store, the consumer will receive a pop-up on their mobile phone, through which he can authorise the payment via finger scan or selfie recognition.
In France, mobile devices have become significant tools for shopping and buying, a recent survey unveils.
According to a report conducted by Criteo, mobile purchases represented more than 20% of all the ecommerce transactions Criteo assessed in France, slightly lower than the 24% average worldwide.
The study shows that many retailers in France are making mobile a priority with the result that over 50% of their transactions now come via that channel. Overall, the websites of French retailers optimized for mcommerce posted a conversion rate of 3.1%, compared with 1.5% for non-optimized websites.
In Japan, mobile shopping may have taken off, but purchasing via mobile is still less popular, a recent report unveils.
Based on research conducted by Neo Marketing, digital payment users of all ages strongly preferred desktops over smartphones and tablets as a device for making digital payments, which includes not just mobile payments at the point of sale, but methods of paying for all sorts of digital purchases.
The ecommerce sector in the Middle East has significantly increased over the last decade and it was forecasted to reach USD 4.9 billion in 2015, according to data from May 2013.
As the second half of the year 2015 fast approaches, UAE-based online retail specialist Awok.com aims for 25% of the retail space.
The company has also predicted that the conversion of consumers shopping in-store to online store is something to watch out in near future. Furthermore, Awok.com’s C.E.O Ulugbek Yuldashev, has declared that mobile is the future. With everything available at our fingertips, one sees lots of retailers and businesses coming up with their personalized mobile apps and/or enhancing their mobile websites to provide optimum user experience.
68% of mobile payment users state that they are using the alternative payment methods more than in 2014, according to a recent research study.
In 2014, cash (93%), cheques (68%), cards (68%) remained the most used payments methods with select digital offerings close behind, according to the ‘How America Pays in 2015′ report issued by Blackhawk Network.prepaid and payments global company, paymentsexchange.ca reports.
Cash and cheques saw the greatest declines in use overall. 87% of consumers think merchant-specific gift cards are convenient to use, even higher than bank-connected debit cards (82%). Gift cards are now mainstream payment methods with almost half of consumers (48%) using them in 2014.
Nearly 53% of European retail sales will be claimed by ecommerce by the end of 2020, a recent research study reveals.
Tthe value of cross-channel retail sales in Europe will reach EUR 704 billion (GBP 498 billion) by 2020, up from EUR 457 billion (GBP 323 billion) in 2015, according to the ‘European Cross-Channel Retail Sales Forecast, 2015 To 2020′ report issued by the research company Forrester Research, internetretailing.net reports.
When these cross-channel sales are combined with online sales they will reach EUR 947 billion (GBP 670 billion) – or 53% of European retail sales. The shift will be more felt in Northern than Southern European countries, while the UK will have the largest proportion of web-impacted sales by 2020.