Following the recent launches of both Samsung and Android Pay in the US, mobile payments are quickly gaining traction. But to ensure a new payment method remains popular with consumers, it is important to understand why and where they would use it.
For example, nearly half of US consumers who use mobile payments say they use it for quick-checkout, clearly showing that speed is a very important factor in a payment method.
Applications are the most popular purchases on mobile devices with 22 per cent downloading them.
This handy infographic from Application Developers Alliance breaks down the rest of the data about mobile payments.
The Merchant Risk Council is a global trade association that brings together industry professionals in fraud, risk and payments. The conference saw speakers from the likes of from PayU, JPMorgan Chase, Google and Santander who all took part in educational sessions and spoke about where the industry is heading.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
Andrew Quartermain, VP Sales at ACI Worldwide, explains that the growth of e-commerce and the rapid rise in the popularity of smartphones has played a big part in driving retail change, with today’s consumer now able to browse, compare, buy, receive and review products at their convenience, wherever they are. Highly connected consumers are demanding a more personalized and seamless shopping experience, wherever and however they choose to shop - and retailers have had to undertake a shift from paper to digital technologies to keep up with this demand.