The total volume of account-to-account money transfers reached USD 938 billion in 2015 and consumers are more comfortable with online transfers via desktop or laptop than mobile transactions.
“Consumers are more comfortable making A2A transfers from a PC or laptop than from a mobile device, particularly when transferring funds between different institutions,” according to the “P2P Payments in 2015” report issued by Javelin Strategy & Research, cutimes.com reports. Like P2P payments, A2A (“me to me”) transfers are commonly initiated through the consumer’s internet banking service, a biller’s payment website, or telephone instruction from the consumer.
While mobile wallets enabling payments at the POS (think Apple Pay, Android Pay and Samsung Pay) are garnering most of the headlines, online mobile commerce continues to dwarf in-store mobile payments. Given the growing adoption of smartphones globally, the fact that mobile surpassed desktops and laptops as the primary means to access the Internet two years ago (with the gap widening), tokenization capability that is being built into the mobile payment ecosystem and the in-app capabilities of the mobile wallets, Boston-based consultancy Aite concluded “it is not unreasonable to envision a future in which mobile online payment is the ‘business as usual’ option, supplanting traditional POS at retail and e-commerce online.”
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.
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.
For the first time, last year more payments in the UK were made electronically than with cash, according to figures from the Payments Council.
Of all payments made by British consumers and businesses in 2014, 48% – or 18 billion – were in cash, down from 52% in 2013.
However, while cash makes up just five per cent of payments from businesses, it still accounts for 52% of those made by consumers. Debit cards were used for 26% of consumer payments, direct debit for 10%, and credit cards six per cent. Read more
During Q1 2015, consumers in the Nordic region shopped online for a total of approximately USD 4.4 billion (SEK 36.5 billion), recent findings indicate.
This corresponds to an increase of approximately USD 300 million (SEK 2.5 billion), compared with the same period of 2014, according to ‘PostNord’s report E-Commerce in the Nordic Region’. People in the Nordic region are shopping online more and more: between January and April, 2015, ecommerce increased by 7% compared with 2014. Read more
Mobile payments security provider Omlis warns that financial institutions in Western Europe face losing consumer trust, marginalization and even relegation to less profitable markets if they neglect to address the outdated IT infrastructures used to secure their mobile payment transactions. Read more
Mobile payments provider Fortumo has entered direct carrier billing agreements with China Unicom and China Telecom to provide mobile operator billing services for in-app purchases to over 1 billion mobile phone subscribers in China. Read more