Connect with us

Technology

Contactless Payments Surge by 36% in Q3 2020 to $3.4 Billion

Published

on

mastercard biometric payment card fingerprint

There was a 36% year-over-year (YoY) increase in contactless transactions in Ireland, reaching $3.4 billion in Q3 2020. Similarly, transaction volume surged by 77% YoY to 182 million during the quarter.

According to the research data analyzed and published by Comprar Acciones, the global landscape is also thriving. In 2019, the total contactless payment transaction value was $1.06 trillion. It is projected to grow at a 19.8% compound annual growth rate (CAGR) between 2020 and 2025.

Over 40% US Consumers Using Cash Less Frequently Following COVID-19 Outbreak

According to a Q3 2020 survey by S&P Global, 40% of US consumers are using cashless frequently since the start of the pandemic.

Results from the survey revealed that there was a 54% drop in the use of cash by Gen X respondents. More than 1 in 6 of those surveyed said they had made their first contactless transaction after the outbreak.

The highest adoption rate was seen among Gen Z respondents, which was at 25%. Millennials followed at 23% while Baby Boomers were at 10%. For existing users, 29% said they had increased their use during the pandemic. The increase was highest among millennials, at 40%, followed by Gen X at 39%.

Payment service provider PayPal reported its strongest growth ever in payment volume during Q3 2020. The volume increased by 36% YoY to reach $247 billion, up from $179 billion in Q3 2019.

PayPal’s Q3 2020 revenue shot up by 25% to $5.46 billion and 15 million new accounts were created bringing the total to 361 million. The number of transactions rose by 30% to 4 billion. Payment processor Fiserv also posted robust performance, growing its revenue by 21% YoY to $3.79 billion. For the first nine months of 2020, its revenue increased by 79% YoY to $11.09 billion.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Continue Reading
Comments

Social Media

Twitter Chief Executive Officer Jack Dorsey Steps Down, Agrawal Takes Over

Published

on

Twitter CEO, Jack Dorsey has stepped down as the Chief Executive Officer (CEO) of the leading Microblogging website, the company announced in a statement published on Monday.

According to the statement, the Board of Directors of the company has appointed Parag Agrawal as the new Chief Executive Director of the company, effective immediately. However, the outgoing CEO will remain a member of the Board until the end of his term in 2022.

The Board of Directors appointed Bret Taylor to succeed Patrick Pichette as the new Chairman of the Board, while Pichette will continue to serve as chair of the Audit Committee.

The released statement noted that Agrawal, the new CEO has been with the company for more than a decade and served as Chief Technology Officer in the last four years.

“I’ve decided to leave Twitter because I believe the company is ready to move on from its founders. My trust in Parag as Twitter’s CEO is deep. His work over the past 10 years has been transformational. I’m deeply grateful for his skill, heart, and soul. It’s his time to lead,” said Dorsey.

Commenting on Twitter’s new management, Bret Taylor, Twitter’s incoming Independent Board Chair said, “On behalf of the Board, I want to thank Jack for his visionary leadership and unrelenting dedication to Twitter since its founding. Jack returned to Twitter and turned the Company around at the most critical time. The progress since then has been nothing short of incredible. Jack has given the world something invaluable and we will continue to carry it forward.”

Taylor noted, “Parag understands Twitter and appreciates the Company’s unique potential. He has been instrumental in tackling our most important priorities, including accelerating our development velocity, and I know he’ll hit the ground running to strengthen execution and deliver results. The Board has the utmost confidence in Parag.”

“I want to thank the Board for their confidence in my leadership and Jack for his continued mentorship, support, and partnership,” said Agrawal.

“I look forward to building on everything we have accomplished under Jack’s leadership and I am incredibly energized by the opportunities ahead. By continuing to improve our execution, we will deliver tremendous value for our customers and shareholders as we reshape the future of public conversation.”

Continue Reading

E-commerce

Jumia Grabs Opportunity for Black Friday Deals

Published

on

Black friday

Black Friday is a concept that originated in the United States, but the yearly retail fever has had a popularity boom across Africa in recent years, with customers moving to take advantage of the best deals that retailers have available.

Jumia, which is a marketplace with its focus placed on Africa quickly grabbed this opportunity when it first introduced the Black Friday event about nine years ago across its markets in Africa, focusing mainly on Egypt and Cairo which are the company’s top two cities when considering volume of orders.

Since its inception, the company has witnessed staggering levels of success with the event, and company data reveals that the love which consumers have for Black Friday has been increasing across the continent every year.

During the 2020 Black Friday event, the top sellers on the Jumia platform saw a 141% year-on-year increase in the amount of items sold, with one out of three clicks on average being a new customer. The company also said that it witnessed an increase in brand appetite across every one of Jumia’s 10 markets during last year’s sale, which lasted every Friday in November.

The trend is expected to continue this year’s version of Jumia’s Black Friday, as it is running from November 5 until November 30.

The company which is based in Nigeria has entered into partnerships with major brands like Adidas, HP, Unilever and Diageo, as well as with thousands of sellers in order to provide consumers the best deals on a very wide range of products.

The CEO of Jumia Nigeria, Massimiliano Spalazzi told Lagos-based Vanguard that the Black Friday programme has been a success every year, and is the biggest sale of the year.

He also stated that the 2021 Black Friday campaign will place focus on strengthening the company’s position as a brand within the African market, and providing support to the sellers.

Continue Reading

Fintech

NQR Payment Solution Excites Nigerians: Everyone Can Now Pay Sharp Sharp

Published

on

Since the NQR payment solution was introduced to the Nigerian market in March of this year, it has reached millions of Nigerians across major markets in different states.  Lagos, Ibadan, Abuja, Kano, Uyo, and Portharcourt are just a few of the states that have witnessed the fast seamless, and reliable NQR payment solution.

Business owners and customers across Nigeria have embraced NQR en masse as a result of the market penetration drive, citing the convenience, speed, and reliability of the payment option.

The NQR Payment Solution is a secure QR-code-based payments and collections platform that allows customers and business owners to accept and make payments for goods and services. The payment system will bring together all of the country’s closed QR code schemes for a more consistent user experience and faster digital adoption.

The campaign was led by several popular celebrities who thrilled the market crowds and showcased how the NQR works. Mercy Johnson, Mercy Aigbe, Odunlade Adekola, Real Warri Pikin, Saddiq Sani Saddiq, Bisola Aiyeola, and Nedu were a few of the ambassadors for NQR.  They encouraged business owners to sign up for NQR, and encouraged customers to make payments with NQR.

The NQR payment solution team recently toured Southern Nigeria, with comedians Edo Pikin and Real Warri Pikin leading the train to sensitize the people about how the NQR merchant app works and how customers can #PaySharpSharp with live demonstrations.

NQR agents also went through the markets educating both business owners and customers about NQR’s benefits. Representatives from several commercial banks were also on ground to address business owners’ concerns. Everyone learned about the NQR payment system and had the opportunity to test it out as well as express their satisfaction with it.

NQR is now available in a store near you.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending