Tag: juniper research

Gemalto and Worldline launch new mobile payments solution

Gemalto and Worldline have teamed to launch a new payment solution to tap into the NFC market

Gemalto, a leading digital security firm, and Worldline, a transaction processing company, have announced the launch of a new mobile payments solution designed to tap into the growing NFC market. The number of NFC-enabled mobile devices has grown significantly over the past few years. With more consumers having access to these devices, new opportunities have emerged in the mobile commerce space. Gemalto and Worldline aim to tap into these new opportunities to find greater degrees of success with their mobile initiatives.

New platform will make use of tokenization technology to make transactions more secure

Worldline will be providing its tokenization service for the new payment solution. Tokenization involves replacing consumer financial information with digital tokens, which can be used to authenticate transactions. These digital tokens are unique every time they are generated, making consumer transactions more secure. Wordline will also be providing identity verification and other such services that will ensure that consumers are protected when they make use of the mobile payments solution.

Study predicts that digital transaction volume with reach $3.6 trillion this year

mobile payments - NFC techJuniper Research released study recently showing that the annual transaction volume of online, mobile, and contactless payments will reach $3.6 trillion by the end of this year. This is a 20% increase over the transaction volume that was reported in 2015. New payment services, such as those being launched by Gemalto and Worldline, have increased exposure to mobile payments, which consumers are finding to be quite convenient in their daily shopping habits.

Demand for mobile commerce support is placing pressure on banks

The new payment solution is focused on banks, which have been facing a major increase in the demand for mobile commerce support. These banks want to serve their customers in a more effective way, and with so many becoming reliant on mobile technology, banks are feeling pressure to adapt. These banks currently have a wide variety of mobile payments services that they can support, but they must ensure that these platforms are secure in order to meet the needs of consumers.

Consumers are more comfortable with their cards than with mobile payments

Google, Samsung, and Apple may have trouble engaging consumers in various markets

Google, Samsung, and Apple have all entered into the competitive mobile payments field and are looking to compete with one another for the favor of consumers. These companies may be facing an uphill battle, however, as the majority of consumers are more comfortable using traditional payment cards than they are using mobile wallets. A new report from Juniper Research shows that the number of people involved in the mobile commerce space is growing, but consumers are still more willing to use their credit and debit cards.

Report predicts that 148 million people will be using mobile wallets by end of year

According to the report from Juniper Research, 148 million people throughout the world will be using their mobile devices to make a purchase in a physical store by the end of 2016. An estimated one in five point-of-sale systems in the United States now support NFC technology, which forms the backbone of mobile payments. The report also shows that there is a major uptick in the number of cards registered to mobile payment systems when they launch in new markets. When Apple Pay launched in China, some 40 million new cards were added to the service in just 24 hours.

Registering cards with mobile wallets does not translate into using new payment devices

Mobile Payments - Credit CardsConsumers registering their cards with mobile payments services does not mean they are actually using mobile wallets, however. The report from Juniper Research shows that just 22 million consumers in the United States have decided to transition away from traditional wallets to their mobile counterparts. Even with the availability of services that can be used with any point-of-sale system, consumers are still more comfortable with traditional forms of commerce.

Europe may be the most attractive market for mobile commerce

Companies participating in mobile commerce are becoming more focused on Europe, where payment cards have become more secure and NFC technology is already quite popular. Europe may serve as the tipping point for the mobile payments space, as consumers in this region are feeling more comfortable with paying for products with their mobile devices.