Despite the fact card and online payments may look very fast to us, they are not taking place instantly. Indeed, instant payments are transactions that are completed within ten seconds. This new payment innovation, which is currently led by Europe, will reach $18 trillion in 2025; generating a growth of over 500%. This represents 17% of all B2B and consumer digital money transfer and banking payments by value in 2025. It is therefore safe to say that instant payments have the potential to disrupt the current payments landscape.
A key new development in the IoV (Internet of Vehicles) is the introduction of payments to the connected vehicles concept. Indeed, a new study from Juniper Research has found that the value of in-vehicle payments, where a payment is made via embedded vehicle systems, will reach $86 billion in 2025, up from just $543 million in 2020. This dramatic growth will be driven by increased partnerships which are improving the availability of services, particularly in the fuel and smart parking segments.
A key channel for future growth of mobile money services is their use for merchant payments. Through mobile money, customers are able to easily make payments for goods without the need for cash.
Our latest survey ‘Consumer Attitudes to Mobile Banking & Contactless Payments: US’ provides unique insights into consumer usage and attitudes, together with indications for the future adoption of services.
Our latest survey ‘Consumer Attitudes to Mobile Banking & Contactless Payments: UK’ provides unique insights into consumer usage and attitudes, together with indications for the future adoption of services.
After a brief reincarnation as Softcard, it appears that the NFC provider Formerly Known As ISIS (FKAI) is on the point of being jettisoned by its carrier owners and sold to Google.