Mobile Payments in a Moment: Friday 23rd February

Mobile Payments in a Moment: Friday 23rd February

Welcome to our regular roundup of the best news and opinion on mobile payments.

 

China pulls further ahead of US in mobile payments – South China Morning Post

In China mobile payments are booming, dwarfing those in the US, with $12.8tn in transactions in 2017 versus the US’s $49.3bn. This is due in large part to the popularity of mobile payment apps such as WeChat and AliPay, which have enabled consumers to go straight from cash to smartphones, leapfrogging credit cards and cheques.

Research from e-marketer estimates that more than 61% of global mobile payment users will be located in China in 2018.

In UK, Mobile Banking and Mobile Payments Go Mainstream – eMarketer

Research shows that the UK mobile banking is growing rapidly – a 2017 survey of smartphone users found that 51% of respondents used a banking app, up from 38% in 2015.

Consumer worries about security and the consequences of lost smartphones were barriers to take up, but these fears seem to be allayed among most consumers under 55. Adoption remains lowest among the over 55s but predictions for growth are positive.

Biometrics Swiftly Becoming the Global Standard for Payments – Finextra

Biometrics as a replacement for PIN authentication are on the rise, due in part to chip-and-PIN based payment fraud increasing.

Relatively easy to implement on a mobile wallet, it is harder to do with card payments since it requires support from the payments back-end and POS system.

This isn’t discouraging Indian authorities, who have asserted that that every payment should be mobile authenticated by the end of next year. Even further ahead are China, where the mobile-based WeChat and AliPay are overtaking cash and card.

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