Detailed Guide to Mobile Payments: Digital Wallets

From The Financial Brand –

“According to BI Intelligence, the consumer payments industry will process about $2.7 trillion of card-based payments in the US in 2015. This explains why there is a massive amount of mobile-centric innovation occurring in the payments space and why competition for the consumer's wallet is so intense.”

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Transport for London to overhaul Oyster technology

From Paymenteye  -

“With many users of London’s tubes, trains and buses embracing contactless card payments, TfL is exploring new options for its Oyster card system.

In the future, Oyster cards may directly incorporate the same contactless technology as credit and debit cards. Rather than the existing top-up system, this means that payments would be processed by the Transit Transaction Model, which currently handles contactless bank cards.

This will also mean that the Oyster system can follow the lead of contactless cards by adopting a flexible approach to fare capping.

At present, both Oyster cards and contactless cards “cap” at a set limit, after which the customer is not charged for their journeys. This limit differs according to the travel zones that the customer travels through during their day.”

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UK consumers see hard currency as most secure payment method

From ATM Marketplace –

“A recent survey conducted by electronic payments software provider Compass Plus has found that consumer trust in newer payment methods has declined significantly in the last year, while cash has continued in first place as the most trusted mode of payment.

The survey of 650 U.K. residents found that 71 percent of respondents believed mobile payments to be the least secure payment method, a Compass Plus news release said. This is nearly twice as many, compared with 38 percent in the 2013 Compass Plus survey.

Contactless payments with contactless cards (47 percent) remained solidly in in second place (42 percent in 2013) on the list of the perceived least secure ways to pay.

For the third consecutive year, cash was seen as the most secure (73 percent), and over the last year, trust in debit and credit card payments on both the high street and over Internet increased by more than 20 percent, in some cases doubling their figures from 2013.”

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Mobile Payments Is Shaking Up Finance - What Will Apple Pay Do?

From Forbes

“A new Accenture survey reports that 40 percent of North American consumers have used their smartphones to make a payment at a merchant location, up from 16 percent two years ago. Pay by mobile is even higher among households with income of at least $150,000, at 55 percent, than among millennials, where 52 percent reported paying with mobiles.

Still, the research found, millennials were the strongest mobile payment users among age groups — who knows what the results would look like if Accenture had found enough millennials making $150,000 or more to create a statistically significant result?”

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Major flaw discovered in Visa contactless cards

From Payment Eye

“The £20 limit on Visa contactless cards can be bypassed by making transactions using foreign currencies, security experts from Newcastle University have found.

Normally a PIN needs to be entered to authenticate larger transactions, but researchers – and potential thieves – are able to bypass this security step and charge as much as the equivalent of £999,999.99 in dollars, euros or any other foreign currency.”

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The future of payments in transport

From Finextra

“Shashi Verma, director of fares & ticketing, TfL and Huw Davies, head of emerging payments, MasterCard discuss the launch of contactless payments for London's tube networks, how MasterCard has been working with TfL to launch the programme, and the vision for the future of payments in transport.”

watch the interview (video) >>