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.
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.
The Global Business and Spending Outlook looks positive for the B2B payments industry.