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  • Posts tagged 'Mobile Payments '

News tagged: Mobile Payments

Mobile contactless payment transaction volumes to grow by 92% globally by 2023 05 October, 2021

Mobile contactless payment transaction volumes to grow by 92% globally by 2023

A new report from Juniper Research has found that transaction volumes for mobile payments will grow from 26 billion in 2021 to 49 billion in 2023; representing a growth of 92%. Growth in mobile contactless transaction volumes will significantly exceed contactless card volumes by 2023, as mobile contactless transactions grow twice as fast as contactless card transactions.

(more…)
Are mobile transactions the backbone of a seamless customer experience? 15 June, 2018

Are mobile transactions the backbone of a seamless customer experience?

The modern consumer is an ever-changing force that is taking control of the payments industry, writes Robert Murphy, the head of Customer Service & Logistics at Chip & PIN Solutions, a Valitor company.

(more…)

Connecting Africa – from the Serengeti to the Sahara 06 September, 2017

Connecting Africa – from the Serengeti to the Sahara

Africa is the market on the lips of the global telecoms industry, writes Nathan Sawicki, the global head of marketing for communications at Cyient. PWC has summarised the situation perfectly, “One region of the world stands out as a vast opportunity for untapped growth: Africa…. [It] is now at the inflection point where high potential starts to turn into high growth.”

In spite of political unrest and weak economic growth in the past, smartphone ownership is increasing at breakneck speed and consumers are using more mobile applications than ever before. This demand for new mobile services is matched by the potential of the region, as the lack of aging, legacy infrastructure removes barriers to adoption. As a result, telecoms companies are taking full advantage, using new technologies to provide innovative solutions to everyday problems.

The potential of the smartphone generation for telecoms

The second largest continent in the world, Africa has a predominantly young and dynamic population. The median age in sub-Saharan Africa is under 19 and there are more people under the age of 20 here than anywhere else on earth. But it’s not just a young population; the number of people on the continent is projected to double by 2050, reaching two billion. From a telecoms perspective, this can only be good news.

This age group has a huge appetite for mobile technology, with more than two thirds of people across the continent saying they already own a mobile, and that figure is growing. Ghana for instance, went from 8% mobile phone ownership in 2002 to 83% in 2015. As the continent begins to play a greater role on the wider global economic stage, this connected younger generation are crucial to its success. Global mobile data will increase sevenfold from 2016 to 2021 and mobile internet usage could make up 10% of Africa’s economy by 2025 – that translates to US$300 billion in GDP. As basic smartphones dip below what McKinsey refers to as the “tipping point” of US$100 per unit, we could see another 300 million new smartphones in the hands of the African population in less than a decade.

Leap-frog fixed lines
It’s not just the continent’s population that presents such a good opportunity for the African telecoms industry, but also, its relative lack of installed infrastructure in both communications and banking.

While other continents are still working out how to manage legacy cables, phone lines and now-obsolete technology from previous generations, Africa has avoided fixed lines for the most part. This absence of pre-installed and outdated infrastructure has allowed providers to essentially leap-frog the fixed line development phase altogether. Operators have gone straight into satellite and wireless technology and are able to deliver this quickly and cheaply; making access universal across the continent.

In some African countries, significant infrastructure investment, such as mobile broadband and fibre-optic cable connections to households, is further accelerating the advancement of the continent’s mobile technology. Combining this with the widespread availability and demand for low-cost smartphones and tablets has enabled millions of Africans to be connected.

From smart agriculture to mobile transactions
On top of being one of the world’s most dynamic telecoms growth markets, Africa is also one of the most innovative. The ease of access, high demand, and lower technological and infrastructure costs (due to economies of scale) all provide strong conditions to foster entrepreneurialism.

Often seen as a global testing lab, the African telecoms market is now leading the way in developing mobile applications across a number of sectors, particularly payments, commerce, health and education. By harnessing these digital techniques, telecoms operators are finding new ways to solve daily struggles on the continent.

For example, in industries such as agriculture and fishing, Africa’s applied technology innovations are enabling farmers to communicate with each other and the markets. People can access accurate information on everything from weather, crop selection and pest control to management and finance. What’s more, authorities are using technological developments to prevent illegal fishing. Applications like Dialog trade net enable farmers and produce vendors to check the spot prices of agricultural goods via mobile phone, increasing efficiency and productivity and reducing the likelihood of exploitation.

In banking, M-PESA is a mobile-based money transfer service that has become widely popular in Africa – six billion transactions were completed last year alone. It is used by many individuals who may not have access to their own bank account but who want to trade money in the formal economy. Connectivity doesn’t just reduce the transaction cost, but brings financial services to those people who live even in the most remote parts of this vast continent. With this technology in place, more than 60% of Africans could have access to banking services by 2025.

With the meteoric pick-up of smartphone technology, the African population is becoming increasingly more sophisticated in its use of mobile applications. Locally relevant content, video-on-demand, and m-learning are high on consumer wish lists and are expected to further boost competition for operators in this booming marketplace for years to come.

Payments of the future designed for when money meets manufacturing 30 August, 2017

Payments of the future designed for when money meets manufacturing

The Internet of Things (IoT) is not new. In fact, connected devices with a wide range of functionalities are already widely used in the home, a trend that shows no sign of abating. In fact, Gartner has predicted that there will be 20.8 billion connected things by 2020, an increase from 6.4 billion in 2016, writes Christian Von Hammel-Bonten, the chief product officer at PPRO Group.

(more…)

Mobile banking is shifting gears with PSD2 10 August, 2017

Mobile banking is shifting gears with PSD2

Mobile devices are the backbone of digital transformation, enabling new innovations such as smart cities and connected cars but they are also the backbone of disruption in the digital banking world, writes Howard Berg, the senior vice president and managing director for Gemalto UK. (more…)

Mobile wallet providers missing out on revenue opportunities, finds Amdocs survey 13 February, 2017

Mobile wallet providers missing out on revenue opportunities, finds Amdocs survey

Amdocs has revealed the findings of a consumer and service provider survey, which has revealed that mobile financial service (MFS) providers are failing to fully realise the potential of loyalty programmes to drive revenue growth. A significant gap exists between what customers want and what they are offered. This is especially true for unbanked users: 80% are not enrolled in any loyalty programme. The findings also reveal a lack of awareness of the types of loyalty programmes being offered. (more…)

Mahindra Comviva launches next generation of digital payments system 14 December, 2016

Mahindra Comviva launches next generation of digital payments system

Mahindra Comviva has announced that its digital payment solutions mobiquity Wallet and payPLUS are now available on the cloud. At a time when money is increasingly becoming digitised, Mahindra Comviva’s cloud hosted mobile financial solutions provide banks with a robust platform to further their digital payments strategy and cater to the needs of cashless societies in the post demonetisation era.      (more…)

Future is about more than just payments 09 November, 2016

Future is about more than just payments

More than just payments

Starbucks is responsible for developing one of the most successful mobile payments application so far. It has over 16 million active users, accounting for over 25% of in-store sales. (more…)

Apple Pay now available for Canadian debit cards 11 May, 2016

Apple Pay now available for Canadian debit cards

Canada is said by Bell ID to be at the forefront of contactless payments, and has been driving the adoption of this technology since 2005 when it started issuing contactless cards to their customers and compatible terminals to merchants. (more…)

Kount invites business to take part in 2016 Mobile Payments and Fraud Survey 19 January, 2016

Kount invites business to take part in 2016 Mobile Payments and Fraud Survey

Kount is inviting business to take part in its 2016 Mobile Fraud Survey. (more…)

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