PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Payment Possibilities in a Contactless World

By Sarah Grotta
September 20, 2017
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Pos terminal confirms the payment by smartphone. Vector illustration in flat design on green background. nfc payments concept

Pos terminal confirms the payment by smartphone. Vector illustration in flat design on green background. nfc payments concept

The UK and Canada, in stark contrast to the U.S., see a lot of contactless transactions.  IBSJournal, citing data from Barclaycard quantifies the UK market for contactless:

In the UK, contactless payments have become ubiquitous, with 6 in 10 Brits paying by tapping their card or phone.

According to data from Barclaycard, more than £60 billion has been spent using contactless cards and devices in the decade since the technology was first introduced, and the usage is projected to rise by a further 317% by 2021. In particular, the clothing and retail industry has seen the highest growth, with an increase of 321% year on year rise.

 Having embraced contactless both with consumers and merchants, it is fascinating to observe from the other side of the pond where contactless is nascent at best, some of the payment form factors that are available.  This article outline some of the contactless payment options available now and on the horizon:

Mobile payments, like Apple Pay and Android Pay, have too become increasingly popular, with Apple having since advanced its technology to now allow users to pay with a single tap on iOS apps and websites on Safari, making it easier to pay on the go.

Kerv, the contactless payment ring is linked to a prepaid account which can be topped up on the mobile phone, and doesn’t look like a gadget of payment technology. BPay, by Barclaycard, allows users to pay

Apple Pay Cash follows the giant’s venture into fintech with Apple Pay, which came to the UK last year. The feature is similar to PayPal and Square Cash in the US, where Venmo money messaging app is hugely popular among millennials.

In the UK, Transferwise added the ability to send cash via Facebook Messenger earlier this year and money transfer via messaging is also an element of other fintech apps, such as Circle. Apple is not the only tech giant eyeing up mobile payments either. Google yesterday launched Tez in India, its first standalone app for money transfers.

Other forms of alternative payment are also on the rise. Just this week, GoCardless, a direct debit network based in London, has raised a further $22.5 million in funding from existing investors Accel, Balderton Capital, Notion, and Passion. The company has now raised a total of $47.5 million since its inception in 2011.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Contactless

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    commercial card, Allpay ClearBank Prepaid Payments, wealth transfer

    How Banks Can Capture the Wealth Transfer from Boomers to Gen Z

    June 20, 2025
    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result