Digital wallets In the first in a four-part series we look some of the key business travel trends for the year ahead. Part one: digital wallets, chat bots and geopolitical uncertainty… DIGITAL WALLETS
In 2015, Worldpay predicted that credit and debit card payments would drop from two thirds of all transactions to half by 2019. Taking their place are mobile transactions – according to the firm’s research, US$647 billion of global consumer payments to businesses will be made via e-wallets in 2019, compared with US$412 billion from debit cards and US$577 billion by credit cards.
Kickstarting the move from plastic to digital was Paypal, which launched in the early noughties – by 2015 it was valued at more than US$50 billion. Since then, mobile wallets from Apple Pay (2014) and Google Android Pay (2015) have both entered the market. In China there is Alipay and in Russia, Yandex. In autumn 2016, JP Morgan Chase created Chase Pay, and in 2017 Samsung Pay will finally be launching in the UK (it was supposed to arrive in 2016).
Apple Pay receives a million new users a week and, by July 2016, accounted for three quarters of contactless payments in the US. These mobile […]