The number of people using mobile contactless payment such as Apple Pay or Google Pay will continue to grow to more than 760 million by 2020, with Apple’s digital wallet leading the way, according to new research.

The number of people using mobile contactless payment such as Apple Pay or Google Pay will continue to grow to more than 760 million by 2020, with Apple’s digital wallet leading the way, according to new research.

An estimated 440 million people will use contactless mobile services in 2018, Juniper Research said. Apple Pay will almost double its number of digital wallets by 2020, rising to 227 million. Samsung Pay and Google Pay will each account for 100 million, followed by newer wallets such as Garmin and Fitbit Pay.

The combined market share of Apple, Samsung and Google will reach 60% of global mobile contactless payment users by 2023.

Transactions on mobile contactless payment services will exceed $1 trillion this year, but that increase in value does not mean that pay services will reap all the rewards. The figure includes payment cards, mobile and wearable devices.

Juniper’s research found that contactless cards remain popular with consumers in established markets, and are more likely to have increased future usage.

– paymentscardsandmobile.com –

Visa (NYSE: V), the Official Payment Services Partner of FIFA, today released an analysis of foreign travellers’ spending during opening days of 2018 FIFA World Cup™. The results found that in the 11 Russian host cities of the tournament, approximately one in every five (17 percent) purchases with Visa used contactless payment technology, including smartphones, bracelets and rings.

In the stadiums themselves, the share of contactless payments was 54 percent, inclusive of purchases made by fans from Russia and abroad.

On average, across the 11 host cities, Visa cardholders spent 3,575 rubles (approximately $56.65)1 per transaction, with fans from the United States spending the most – followed by China and Mexico in second and third, respectively.

“Many of the international visitors attending this summer’s tournament have never been to Russia before and we’re excited to be providing them with the ultimate tournament experience, powered by the speed and ease of Visa’s digital payments, which are increasingly happening on contactless cards, devices and wearables,” said Ekaterina Petelina, country manager, Visa Russia. “In the stadiums particularly, fans are using contactless payment technology to speed through the lines and quickly get back to the action on the pitch.”

Overall, a majority of purchases in host cities fell into the lodging, fashion and restaurant categories.

Additionally, Russian fans made twice the amount of transactions for food and drinks compared to non-Russian fans, however, the average per-transaction amount for non-Russian attendees was 1.5 times higher than Russian purchases in those categories.

– business.financialpost.com –

JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd, today brings its customers Apple Pay in Taiwan, which is transforming mobile payments with an easy, secure and private way to pay that’s fast and convenient. Support for Apple Pay will start with E.Sun Bank and Union Bank of Taiwan and continue to be phased in for other JCB brand payment product issuers.

Security and privacy is at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code.

Daisuke Sakurai, Executive Vice President, Business Development & Coordination Headquarters I, said: “The Taiwan payment market is one of the most advanced in terms of contactless payment, with many merchants equipped with contactless payment readers. Taiwan is the first market after Japan where JCB is supporting Apple Pay. JCB will support Apple Pay to help create a new payment lifestyle that is both secure and convenient for everyday use.”

Apple Pay is easy to set up and users will continue to receive all of the rewards and benefits offered by JCB cards. In stores, Apple Pay works with iPhone SE, iPhone 6 and later, and Apple Watch.

– acnnewswire.com – 

Debit card payments have overtaken cash in the UK for the first time, spurred by the rising popularity of contactless and online shopping.

The latest market report from trade association UK Finance shows how new technology, payment innovation and changing consumer habits contributed to 13.2 billion card payments at the end of 2017 overtaking cash payments (13.1 billion) for the first time.

This beats previous forecasts by one year for when debit cards were expected to overtake cash.

In total, across both debit and credit cards, the number of contactless payments increased by 97% during 2017 to 5.6 billion. In comparison, cash payments were down 15% year-on-year.

By the end of 2017 there were nearly 119 million contactless cards in circulation and, with customers and businesses increasingly choosing to use contactless cards and card acceptance devices, it is anticipated 36% of all payments across the UK will be contactless in 2027.

The number of cash payments in the UK is correspondingly expected to continue to fall over the next decade. There are expected to be 6.4 billion cash payments in the UK in 2027, accounting for 16% of all payments.

Despite this fall, cash will remain the second most frequently used payment method in the UK in 2027.

Stephen Jones, chief executive, UK Finance says: “We’re far from becoming a cash-free society and despite the UK transforming to an economy where cash is less important than it once was, it will remain a payment method that continues to be valued and preferred by many.

– finextra.com –

On a worldwide basis, women typically use cash 6 percent more often than men, according to a consumer payments survey by data and analytics company GlobalData.

According to a press release, the company found that the majority of survey participants feel most comfortable when paying with cash; 89 percent said they use cash for in-store payments up to 25 times a month.

“The fact that women use cash for payment more frequently compared to men reflects their traditional societal roles,” GlobalData Senior Financial Analyst Arnie Cho said in the release. “In most cases, women tend to bear the responsibilities for looking after the household and taking their children to and from school, which increases opportunities for cash purchases.”

Approximately 33 percent of female and 35 percent of male respondents cited comfort as the main reason for choosing to pay with cash, GlobalData found. Other reasons included convenience, low risk and the unavailability of alternative payment methods.

– atmmarketplace.com –