Mobile Wallets Are Not Convenient Enough for Consumers

From Payments Source –

“The mobile payments industry’s view on wallets has been myopic.

Recent data on consumer wallet behavior indicates that the industry needs to recalibrate to a more accurate perspective of digital payments needs; one based on consumer demand rather than a “cool factor." Gallup reports that only 13% of U.S. adults with a smartphone have a digital wallet on their device. Of that number, 76% have very rarely used it to make a purchase from a retailer in the past 30 days. In fact, 38% of them do not see any benefit to using the technology at all.”

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‘The Future of Payments’ – What you missed at StrategyEye’s sold-out event

From Paymentseye –

“If ticket sales and the empty bottle count from our latest ‘tech talk and networking’ event are anything to go by, payments continues to be one of the hottest segments of the tech industry right now. Apple Pay may have propelled payments into the spotlight last year, but the digitalisation of everyday transactions for consumers and businesses is a revolution that’s been a long time coming. After a lot of false starts, today the payments industry is at one of the most exciting points in its evolution.”

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How Much Do Consumers Use Mobile Check Deposit?

From PYMNTS.com –

“Camera phones have pretty much put a crimp in the sale of cameras as most people are happy to trade off photo quality to the convenience of being able to snap a picture and post to Facebook or send to a friend via an email instantly. The quality of camera phones keeps improving, too, so those trade-offs are not really as onerous as they once were.

But there’s one thing that camera phones are breathing new life into – and that’s checks. Who knew? The one form of payment that is in steep decline got a new lease on life thanks to a technology that eliminates the friction associated with depositing a check. Thanks to mobile imaging technology, consumers don’t even have to drive to an ATM to deposit a check – the last real advance in check deposit convenience. All they have to do is snap a picture of it and off it goes to the bank.”

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Australian Banks Plan Billion-Dollar Upgrade to Allow Real-Time Payments

From Coin Telegraph

“Australian bankers are feeling the pinch as the Bitcoin community grows ever larger in the country, and the banks are planning to spend AU$1 billion on an upgrade that will decrease processing time.

The number of merchants that are accepting Bitcoin, and of exchanges that are buying and selling virtual currencies, grows every day. The future of Bitcoin, especially as the currency relates to taxes, is still up in the air in Australia, but bankers are already seeing a potential threat, unless they improve their own services. ANZ chief Philip Chronican summed up some of the concerns that banks in Australia are currently addressing:

Banks have certainly embraced computer technology, but they still find themselves falling far behind other paradigms, especially when traditional payment platforms such as PayPal, and virtual currency platforms such as BitPay, are able to instantly transfer huge sums. Merchants are often forced to wait for days after each sale before their funds are deposited in banks.”

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