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.
Nigerian Digital Bank Fairmoney Partners With Oradian to Accelerate Growth
Nigerian online loan app Fairmoney has partnered with Oradian a cloud-based enterprise solution to expand its growth across Africa and Asia
Through this strategic partnership, Fairmoney will leverage on Oradian platform that services over 10 million banking customers in 13 countries across Africa and Asia to accelerate its growth in these regions.
FairMoney says Oradian’s ability to support its credit assessment capabilities and the ‘plug and play’ nature of its solution were key factors in its selection.
Speaking on this partnership, FairMoney CEO Laurin Hainy said: “Our ultimate goal remains bridging the financial inclusion gap in emerging economies, and we understand the power of collaboration and partnerships in bringing this to reality.
“Since the inception of FairMoney, we have continued to serve our current markets with excellent financial products, providing the much-needed access to credit and making essential banking services available to everyday people.
“We decided to partner with Oradian to leverage the already existing infrastructure and trusted system performance to scale our solutions to new markets where they are needed and perfect existing offerings in our current markets”.
Also commenting on this is the CEO of Oradian Antonio Separovic who said, “To be able to innovate quickly, with products that the market requires, while being compliant with changing regulations in very different markets, takes a different breed of core system.
“All of these are real daily challenges in the back-office, not seen by the customers and often taken for granted. However, we know through working with a broad range of financial customers, those challenges are very real, and in some cases, insurmountable without the right technology and an expert partner.”
The African and Asian emerging markets are in need of financial services that provide both consumer loans and working capital.
This has however created a big opportunity for companies that are able to move quickly and leverage recent technological advances in emerging markets.
FairMoney has been successful in executing this mission, after it became the leading credit-led digital financial institution in Nigeria two years after its incorporation.
Flutterwave Merchants Can Now Accept Payment Via Google Pay
Nigeria’s leading payments service provider Flutterwave has enabled Google Pay on its platform just a week after adding eNaira wallet.
Flutterwave merchants can now accept payments via Google Pays from countries where the Google Wallet app is available.
Google Pay is a mobile payment service developed by Google to power in-app, online, and in-person contactless purchases on mobile devices. This new payment option will enable users to make payments with Android phones, tablets, watches, and other devices. Through Google Pay, customers can make payments using the phone instead of a bank card or cash.
As seen on the company’s page, “In today’s business environment, the more payment methods you accept as a business, the more possibilities you give yourself to grow your revenue.
“We are happy to announce Google Pay as a payment option for Flutterwave merchants granting them the ability to afford convenience for customers to make payments with Google Pay in the countries that it is available”.
Also speaking on the recent collaboration, founder and CEO of Flutterwave, Olugbenga ‘GB’ Agboola said, “The continued and rapid growth of Flutterwave is due to our commitment to building a platform with simplified payments for everyone.
“The Google Pay payment option will attract more international customers and increase the current success rates for businesses on Flutterwave.
“Integrating with Google pay will allow users across the globe to participate in the booming e-commerce ecosystem in Africa. It will enable us to further fulfill our promise of creating endless possibilities for all”.
How Businesses Can Enable Google Pay At Check Out On The Flutterwave Platform:
These are the steps below;
- The business must be registered on the Flutterwave platform.
- Log in to the Flutterwave account and go to your dashboard.
- Proceed to the “Account settings” tab
- Click on Enable Dashboard Payment Options.
- A list of payment methods will appear.
- Select Google Pay.
- The selected payment methods will appear on the checkout modal.
Bamboo Enters Ghana, Offers Foreign Investment Opportunities
Bamboo has entered Ghana to enable Ghanaians access foreign stocks and invest in foreign companies in their local currency
An investment platform that unlocks global markets for Africans, Bamboo has entered Ghana to enable Ghanaians access foreign stocks and invest in foreign companies in their local currency.
The fintech company secured a $15 million investment fund in a series A round in January 2022, with the CEO disclosing the company’s plan to expand operations to Ghana.
Ahead of its launch in Ghana, Bamboo has partnered with 10th Capital Investments, a private equity firm focused on investing in viable prospects across Africa, and it also revealed that it has already received a No Objection Letter from Ghana’s Securities and Exchange Commission (SEC) to operate in the country.
Through Bamboo’s US digital investing partner, DriveWealth LLC, the firm assures users that all accounts can claim insurance of up to $500,000 via the US Securities Investor Protection Corporation (SIPC). With regulations and insurance in place, Bamboo is ready to make retail investment a norm in Ghana.
Speaking on Bamboo’s expansion in Ghana, the CEO, and Co-founder of Bamboo, Richmond Bassey said “We believe strongly that all Africans should earn a return on their investments and build intergenerational wealth.
“That’s why we created Bamboo: we wanted to create an easy and secure way for everyday Africans to invest in the U.S. stock market, and eventually, in all types of asset classes,”
Commenting on the partnership, Chief Operating Officer, Albert Asiamah, disclosed that working with Bamboo was a result of their experience and track record enabling investments in Nigeria.
He said, “We’re thrilled to work with Bamboo to bring Ghanaians the opportunity to invest in the U.S. and eventually the local stock market. Their impeccable track record in Nigeria, stellar product, and educational tools make them an ideal collaborator.”
Since its launch in 2020, Bamboo has grown in popularity with retail investors, claiming over 300,000 accounts in Nigeria. Its users can invest in stocks in the U.S., China, Europe, Canada, Latin America and many more.
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