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5 Must-Reads: Contactless Payments Make Impact

Thu, Sep 21, 2017

Reposted from CO-OP Financial Services Blog

The first contactless payments hit Britain in 2007. Since then, their impact hasn’t always been clear. Yet, this week we celebrate with the news that proximity payments represent nearly $50 billion in payments, that Apple Pay and its ilk are finally catching on, and that soon paying with your car keys might be a reality. Uh oh, where are those keys?

Proximity Payments to Reach $49 Billion in 2017

Mobile Payments Today

A new study from eMarketer reports the value of U.S. proximity mobile payment transactions will total $49.29 billion in 2017, up 78 percent from last year. Users of proximity mobile payments will average $1,026 in annual spending this year, the first year in which spending topped $1,000.

Visa Gauges Contactless Payments After 10 Years

PYMNTS

Who’s using contactless payments in the U.K.? According to a study by Visa, two-thirds of British consumers, accounting for a full third of all U.K. card payments made in June, 2017. Visa announced results of the study, which assessed the progress of contactless payments 10 years after their introduction.

Three Years In, Apple Pay and Wallets  Gaining Momentum

Finextra

Nearly three years after Apple Pay was launched, roughly 17 percent of Americans are regularly using mobile wallets to pay, according to a study by ACI Worldwide. Americans lag considerably behind the Italians (24 percent), Swedes (23 percent) and Indians (56 percent).

Mastercard, Garmin Pair on Wearable Payments

PYMNTS

Hot on the heels of news that Fitbit’s latest smartwatch will feature mobile payments: Garmin’s new Vivoactive 3 wearable will also enable users to pay, thanks to a partnership with Mastercard.

Pay with Your Car Keys? Barclaycard Makes It Happen

The Guardian

Why wouldn’t you want the ability to pay using your car keys? This month, Barclaycard introduced the first car keys to have a contactless chip embedded in them

 

Reposted from CO-OP Financial Services Blog