Juniper Research reports that contactless payments will triple to $6 trillion worldwide by 2024, from about $2 trillion this year, as OEM mobile wallet transactions increase and banks expand the use of contactless cards. The report found that several factors will account for the increase, including the increased use of contactless POS and public transit use in the…
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As technology becomes more and more advanced, it slowly changes our way of doing things. We used to watch Television, now we watch Netflix. We used to take a taxi, now we take an Uber. We used to go shopping to brick and mortar retail stores, now we can just browse through eCommerce sites. Soon…
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Years in the making, the U.S. market is finally ready for contactless payments. Although late to the game, the U.S. payment ecosystem, including issuers, processors and merchants, is preparing to support contactless as a dominant payment methodology. According to A.T. Kearney, 70 percent of U.S. retailers already have point-of-sale terminals capable of accepting contactless payments, and…
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Evolving technology has always been present in payments, from IBM’s® development of the magnetic stripe in 1960 to the original introduction of EMV® chip-and-pin in 1994. Over the past decade, technological advances have launched a revolution in payments, from digital wallets to contactless wearables and payment objects. While the U.S. has been slow to adopt contactless payments,…
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The design of cards plays an important role for banks and credit unions, serving as an extension of their brand, a way to connect with local community, a means to visually delight cardholders – or all of the above. This is why adopting a new solution like instant issuance, which allows cardholders to visit a…
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As an avid Apple Pay user, I read with interest a recent Quartz article on the worldwide growth of this digital wallet. According to the article, Apple Pay is on pace to account for 10% of all global card transactions; Apple Pay currently accounts for 5% of global card transactions and that number will double…
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Dive Brief: According to a survey of more than 1,350 customers and 350 merchants, 75% of Millennials and 70% of Gen Z shoppers said they were satisfied with contactless payments. Per the report released by payments company Ingenico Group and commerce platform FreedomPay, 65% of Gen Z consumers think that contactless payments are a “must have” for…
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With the rising number of cashless payment options available, such as digital wallets, wearables, and mobile pay apps for every kind of purchase, it may seem that the United States is well on its way to becoming a cashless society. This is somewhat true, in that cashless transactions are rising in popularity each year. According…
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The end of one decade, the beginning of another. Might the coming year be marked by innovation at the point of sale (POS)? The PYMNTS 2019 end-of-year survey of 30 executives asked for payment-related predictions that could (theoretically) be placed in a time capsule to be unearthed 12 months hence. The time frame, of course,…
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For years, metal cards were a symbol of high-end luxury, limited to expensive membership programs with rewards that catered to the affluent. Thanks to greater production innovation in the design and feel of metal cards, as well as more dual interface metal card solutions, many banks and other card issuers are looking to cash in…
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