the future of online payments
TRANSCRIPT
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Architecture
The number of mobile payment transactionsis forecasted to be near
50 Billion in 2015
Killing Credit CardNear Field Communication(NFC)- the technologybehind Visa payWave- is already used to makecontactless payments. But since NFC can be usedby mobile phones, wearable technology or evenunder your skin, will eventually kill the credit card?
19% of British willconsider to pay
good andservices using
voiceauthentification
by 2020A single numberImagine being able to use your existing creditcard number forever, on any card. It's an ideaproposed to make the credit card industrymore competitive, as it would be easier toswitch providers without having to update yournumber everywhere.
2.7mill UK customers aged over 70 arenow registered to use internet banking,and more than 600,000 of these people
are 80+.
online shopping grew
30%2014
Less store based paymentsMobile and internet-based transactionscontinue to grow, moving more transactionsonline on putting pressure on physical stores
8 million mobile payments a weeknearly of 19%
of all transaction in US stores
Wallets become virtual
Tools for faster online checkout and payment are emerging.Paypal, Visa Checkout, Apple Pay and Google Pay are virtualwallets already operating in various global locations, and whencombined with increasing online spend, may become the standardwallet of the future.
PIN number numberedVisa payWave already removes theneed forPIN transactions under 100$.Now and in the future, the PIN numbermight be entirely replaced by facial,eyeball, fingerprint and voice recognitionsoftware to identify you and authorisetransactions.
No Currency borders
Bitcoin and other virtual currencies offer
instant, cheap and secure ways to pay,
and have gained transaction despite
concerns surrounding ilegal activity and
tax avoidance. Some economists foresee
them being used as tools to help
stimulate, complement or entirely replace
existing border-based currencies.
The Future of OnlinePayments
185m European consumers areexpected to use mobile payment
apps this year
Turkishare the most advance in mobile payments.
56%
Turkish
used mobile
payment app
will spendmillion
on
35minutes
every
27%
of global online transactionsare now on mobile
Lorem ipsum dolor sit amet, consectetur adipisicing elit,sed do eiusmod tempor incididunt ut labore et dolore magna
smart phone
Just 6% of iPhone6 owners regularlyuse Apple Pay, and85 % had nevertried it – as ofMarch 2015
The mobile NFCpayments market will
hit $130bn by 2020mobile payments
will reach
in the next5 years
$3 trillion
Sourceshttps://www.hottopics.ht/stories/finance/25-stats-that-tell-you-everything-about-the-state-of-mobile-
payments/
http://www.irishtimes.com/business/financial-services/irish-consumers-spend-record-28bn-on-their-
visa-cards-1.2079838
https://www.worldpaymentsreport.com/
http://www.theguardian.com/commentisfree/2015/feb/22/can-a-parallel-digital-currency-solve-the-
greek-financial-crisis
41,016 investors have putmoney into the 1,100 mobile
payments companiesregistered on the Angelist
site
By Noelia Sierra, EMarketing, IBAT College,Dublin