A new report from Juniper Research has found that transaction volumes for mobile payments will grow from 26 billion in 2021 to 49 billion in 2023; representing a growth of 92%.
Growth in mobile contactless transaction volumes will significantly exceed contactless card volumes by 2023, as mobile contactless transactions grow twice as fast as contactless card transactions. The report identified the enhanced security and increasing cross-channel payment capabilities of mobile contactless payments as key drivers of growth.
The new report, Contactless Payments: Trends, Opportunities and Market Forecasts 2021-2026, recommends that mobile contactless payment wallets fully leverage opportunities for value-added services, such as loyalty schemes and personal financial management, to differentiate their digital wallet services in this competitive market.
For more insights, download the free whitepaper, Cash is No Longer King: How Contactless Payments are Becoming the Norm
Latin America Will Experience the Fastest Growth
The research forecasts that Latin America will experience growth of over 400% in contactless mobile transaction volumes between 2021 and 2023. It predicts that increasing smartphone penetration, alongside improved access to digital financial services will drive demand for digital wallets services in the region over the next two years.
Research author Susannah Hampton explained: “Latin America has seen rapid development in its digital infrastructure in recent years, shown by the increased investment into supporting digital transformation, as well as an increasingly favourable regulatory environment. This will further drive payment digitalisation in the region.”
Payment Security Key for Further Growth
The research found that low trust amongst consumers is a key hurdle digital wallets face. Consequently, it urges wallet vendors to increase support of biometric authentication in their services to allay the fears of those hesitant about adopting the technology. It found that the ability of mobile payments tokenisation to reduce the scope of payment security requirements means that the tokenisation of mobile payments will become ubiquitous. Juniper Research anticipates that by 2023, 99% of all contactless payment transactions by volume will be tokenised.
Fintech TagPay Rebrands to Skaleet
From today, TagPay will be known as Skaleet, an international fintech company offering a back-end technology platform. Its core banking platform is fully interactive with an ecosystem of banks, fintechs and technology partners.
It has the speed and agility required to quickly launch new personalized services to the market. Skaleet’s ambition is to bridge the gap between complex financial products and customers’ changing needs.
In this new digital world, Skaleet helps financial institutions become faster and more agile in adapting to their customers’ changing needs by offering innovative services. Our range of services allows banks, neobanks and fintechs to stay in the race against the Big Tech threat that is attempting to dominate this market.
Skaleet’s platform offers complete banking solutions for the day-to-day management of retail banking: onboarding, AML-CFT, bank accounting, regulatory reporting, card issue, SEPA, bank accounts, credit engines and a best-of-breed approach to facilitate the integration of key product and technology partners.
Breaking the banking industry’s IT glass ceiling to increase performance and innovation
With its flexible, modular and natively digital banking platform, Skaleet’s ambition is to innovate by offering new services to fully respond to the latest challenges facing the banking and financial markets, as well as to the growth and scalability requirements imposed by the rapid digitalization of the sector.
Skaleet enables banks and financial institutions to leverage its cloud-native platform to accelerate the launch of new financial services that fully meet their customers’ needs.
Yves Eonnet, CEO of Skaleet, said: “Our mission is to support the digital transformation of banking institutions, neobanks and fintech companies. Our ambition is to become the leading technology platform for digital core banking, offering our customers all the financial services they need.”
The company’s mission statement: to put technology at the forefront of the transformation in financial services
Fifteen years ago, Hervé Manceron and Yves Eonnet set out to take advantage of the latest technological innovations to support new ways of providing mobile financial services. This led them to launch TagPay, a technological platform for managing mobile money accounts.
In 2014, eager to respond to the increasing importance of digital technology and changing customer needs, the publisher launched a next generation international core banking system solution. The ambition of this platform: to accelerate the launch of new, competitively priced services. TagPay has developed a cloud-native platform to meet the needs of financial service providers. Cloud-agnostic, agile and scalable, it has quickly become a leading platform for many financial institutions across the world. At the beginning of the year, TagPay reached a new step by announcing its largest funding: €25M from our new investor Long Arc Capital to enrich its offering and accelerate its international growth.
Interswitch Unveils Whitepaper on Blockchain Technology Plans To Drive Growth of African Businesses
Africa’s leading integrated digital payment and e-commerce company, Interswitch Group, has unveiled its whitepaper on blockchain technology titled “Blockchain Technology: The Future of Africa’s Digital Economy” to help drive the growth of African businesses.
The white paper document contains details on how businesses can leverage blockchain technology to transform their businesses and the prospects it portends for the future of Africa’s digital economy.
Blockchain technology is a digital ledger that stores transactions. Essentially, it is a digital system for recording transactions in multiple places at the same time thereby making it impossible to falsify the data stored on it.
Akeem Lawal, Managing Director, Transaction Switching and Payment Processing at Interswitch commented, “The whitepaper document was inspired by the need to demystify the ambiguity around blockchain technology for African businesses thereby driving digitization and socio-economic growth across African markets. We are passionate about empowering Africans and advancing the African payment landscape, and we are consistently identifying opportunities and exploring innovative ways to enable businesses to transform and scale.”
He revealed that the whitepaper document encapsulates the benefits of blockchain technology and how it will help strengthen businesses because of its efficiency, better security in keeping records, and safety.
He further said: “While the blockchain technology is a relatively new phenomenon in Nigeria and Africa, we are particularly excited about our partnership with Interstellar with whom we are developing a native blockchain infrastructure that is tailored to suit the African market. This initiative will deepen digital payment, lower the cost of local and cross border payment as well as champion the cause for localization of emerging technology”.
He urged everyone to read the whitepaper document because it addresses existing challenges in the Fintech sector and simplifies the use of blockchain technology in unraveling these challenges. Download the whitepaper here.
Blockchain technology is evolving globally and businesses are integrating blockchain technology into their business infrastructure.
Carbon, Network International Partner to Deepen Digital Payment Offerings
One of Nigeria’s leading Digital Banks, Carbon has partnered with Network International, a leading enabler of digital commerce across Africa and the Middle East, to deepen digital payment offerings in Nigeria and Africa at large.
According to the agreement signed by the two companies, Network International will start issuing physical visa debit cards on behalf of Carbon to enable the NEO Bank to increase its product offerings and address customers’ needs. The partnership is expected to support Carbon’s financial inclusion among the unbanked and underbanked in Nigeria.
Commenting on the partnership, Chijioke Dozie, CEO/Co-Founder, Carbon, said “Offering excellent service delivery to our customers is always top priority and that includes our Carbon Visa cardholders. With Network International, we have a partner with years of experience providing card solutions for forward-looking organizations. And we’re truly excited for how this translates into a better payment experience for Carbon customers everywhere.”
Chinwe Uzoho, Regional Director West & Central Africa, Network International, also stated that the “Network International is delighted to continue its collaboration with prominent African banks such as Carbon in Nigeria, that lend weight to our ongoing commitment to advancing financial inclusion in emerging markets through greater digital payment penetration. We are pleased to support Carbon’s mission of creating greater access to credit and quality financial services to Nigerians and look forward to supporting their growth plans through our best-in-class technology and trusted platform.”
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