From coin shortages and curbside operations to contactless transactions, how consumers pay for their purchases has been completely transformed during the pandemic. Contactless payments lead marching toward a digital and cashless society. Marketers expect that transformation to continue and expand. The digital payments industry continues to mature at an accelerated pace. Shoppers will see new...
Is using contactless payments secure? How do contactless payments work? Cash payments are slowly getting replaced by other payment methods, such as credit cards, debit cards and now contactless payments. Contactless payments are becoming increasingly popular for a good reason, they’re a secure and convenient way to pay. Contactless payments are one of the most...
Stimulated by the COVID-19 pandemic, its expected the number of unique digital wallet users to exceed 4.4B by 2025, up from 2.6 billion in 2020, according to a recent study from Juniper Research. The total amount spent through digital wallets is also expected to nearly double to $10 trillion annually by 2025 from $5.5 trillion...
The trend toward digitization has been building momentum over the past few years. Since the onset of the Covid-19 pandemic, it’s even faster, especially in the payment industry. Cash apps, digital wallets and card-not-present (CNP) transactions are replacing cash, checks and physical credit cards. Meanwhile, fraudulent activity across digital channels is ramping up. Merchants are...
COVID-19 has placed financial pressure like never before on companies and consumers. Banking institutions are forced to facilitate alternative payments and transfers with new automation, due to the increased number of e-commerce transactions and new consumer trends. A large proportion of people around the world made their first online purchase ever this year, with more...
The global wearable payments devices market size is expected to reach a worth of USD 80B billion by the year 2028, according to a new report by Grand View Research, Inc. Over time, payment systems have adapted to suit the needs of customers, such as increased convenience and reduced time while making payments. The growing...
Consumer and business behaviors change slowly, irrespective of the industry, for they require overcoming two key friction points: familiarizing oneself with new technology and going outside one’s comfort zone. Unless there is a dire need or a strongly enforced government or regulatory policy mandate, consumers and businesses are usually slow to change. How customer’s demand...
Among the many lessons we’ve learned in 2020 is how convenient and safe it is to shop and pay digitally, by laptop, mobile phone, tablet or other device. But when it comes to the contractor, the accountant, the lawn service and the myriad of other services we use in our daily lives, digital transactions aren’t...
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