US consumers remain wary of using mobile payment services from the likes of Google, Visa and Square due to concerns over what personal information their phones could tell retailers. According to a Nokia-funded survey carried out by the University of California, 74% of US internet users have no plans to start using their mobile device to make payments, with privacy continuing to be the main barrier to adoption. Some 96% of respondents claim that they are against any system that could use their mobile device to track them in-store, with 81% objecting to sharing personal information, such as their phone number or home address, with a retailer via a mobile payment. The report is just the latest indication that mobile payments may take longer than expected to enter the mainstream despite firms ranging from banks to mobile operators to credit card providers making a big push into the space.
Ford Motor Co and Amazon have announced a collaboration that will see Amazon’s Alexa integrated into Ford vehicles as a voice-activated digital assistant.
The government has confirmed that the £1 coin will be replaced for the first time in 30 years. The new coin is said to be the "most secure" coin due to a number of new features that will make it much more difficult to counterfeit.
Judges have picked Clever as the overall winner of the Money 20/20 Hackathon 2016 taking place in Las Vegas.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.