Consumers have waited anxiously for quite some time for the introduction of mobile payments that will disrupt the tech world and make a lasting impact on their daily lives. Well, the long wait has been beneficial after all.
As of 2012, the worldwide mobile payment volume in 2012 was 163.1 billion US dollars and is expected to grow to 721.4 billion U.S. dollars in 2017, with 64 billion U.S. dollars in transaction value generated in the US by 2017.
Today, many companies are incorporating payments technologies in their business models, with some working day and night to beat their competitors. Here are 5 tech articles this week about payments technology and what the industry has in store for us in the future.
1. Pocket Policy: Do New Payments Technologies Need New Rules?
By Aaron Klein, published on Bipartisan Policy Center
New innovations have emerged, when it comes to making payments using the phone. But the big question is, is it important to have rules for this technology? Well, financial industry as well as policymakers are working round the clock to ensure the evolution of the payment system comes along with business habits and changing consumer. This has in fact led to a discussion that is to be held on how regulators need to adapt to challenges posed and opportunities created with these technologies.
2. As Apple Pay Gains, Samsung Eyes Launching a Rival
By Shirley Siluk, published on CIO Today
Apple has launched a new feature in its latest devices, where you are required to use Touch ID to make secure payments. As this happens, Samsung is considering rolling out its own system that will beat that of its rival. News has it that the company is in touch with LoopPay, a mobile payment startup. The system is likely to launch come 2015, with both partners looking to outshine Apple payment system and gain its share of the market.
3. Is Mobile Security Taking A Slow Pace For Evolution Of Payment Technology?
Published on QR Code Press
Mobile security, more so banking apps usage has been called in question lately, which coincidentally happens to be a time Canadians are facing another problem in terms of protection of their data for both over the smartphone payments and plastic. Some big banks, as well as credit unions in the country have now started creating debit cards, claiming that the move is aimed at helping people enjoy better service availability worldwide. However, critics say that they think that this is a major mobile security problem.
4. How Starbucks Beats Apple, Google, and the Rest of the Tech in Mobile Payments
By Motley Fool, published on Nasdaq
Google Wallet was the first mobile payment to launch some time in 2011, but didn’t gain the popularity as expected. Most banks, wireless carriers, and credit card companies did not offer support to the tech giants. Now Apple Pay was expected to take the place of Google Wallet, but the usage by people has been underwhelming. Most of those who own iPhones report that they don’t even have an idea how to use the app, something that has led to its popularity to gradually decrease. Now Starbucks has been able to do what other cant, with 7 million transactions being made every week. Read on to see how exactly Starbucks has achieved this.
5. 9 Latest Innovations From Old Companies
Published on Payments Source
It’s true that most disruptive technologies usually come from startups. However, there are those that come from companies that have been there for many years. Be it providing necessary proving ground for partners or developing another system, the following companies are seen to introduce new innovations to payments industries. See how each one of them has made this a reality.
1. “Statistics and facts about Mobile Payments”, Statista, Available from: http://www.statista.com/topics/982/mobile-payments/