Following the predictions made by the British public that include the UK becoming a cashless society within the next two decades and clothes being connected to the internet, this infographic from Wirecard and Statista takes a detailed look at the rise of the Internet of Things from various angles and tracks the increasing amount of cashless transactions being made.
Contactless transactions just keep going up. Obviously that’s not surprising, and will become even less no that they officially went mainstream in 2015 in the UK, but in the context of Europe, there is still room for staggering increases. Wire card and Statista say that contactless payments in Europe will surge eight-fold from 1.39 billion transactions in 2014 to 12.17 billion.
Automation of payments: The infographic suggests we will see things like cars that are able to pay automatically for parking fees and tolls and cashless payments will come in handy in 203o when the number of people using automated driving car-sharing services will hit 400 million people worldwide. Which will lead to:
New point-of-sale for in-car entertainment: The $1.4 billion in-car entertainment industry will surge to a whopping $6.5 billion by 2020.
In-home purchases: Investment in smart-home technology will grow by 29% in the next four years, from $15.6 billion to $42.9 and global connected home device shipments will grow at an annual rate of 67% until 2019.
Smartphones will dominate: with global penetration rising from 43.7% to over half (55.8%) whilst wearable device shipments are expected to reach 110 million this year and more than double that (237 million) by 2020, according to Wirecard and Statista.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Google's Android Pay is getting into the festive spirit in the UK by introducing some Christmas rewards on its payment app. It also announces better interaction with Transport for London and Uber.
Nearly half of UK online shoppers abandon online baskets at checkout if preferred payment method not offered
New research from e-payment specialist PPRO group has found that a third of consumers (31%) criticise merchants for not offering their preferred payment methods while just under half of consumers (47%) actually abandon their online shopping baskets and go shop elsewhere as a result.
Mastercard partners with Apple on Apple Pay’s Spain launch and rolls out selfie payments in Latin America
The American tech giant has launched its mobile payment service, Apple Pay, in Spain, partnering with Mastercard, Carrefour and American Express.