Have you ever wondered how customers think about the payment experience? Or, how much money is actually being spent through contactless payments? If so, this week in payment news is for you! From global contactless payment information to new research released from Payments Canada, there were many interesting takeaways from the headlines this week.
1. Global contactless payments to surpass USD 1 trillion this year
Are you curious about how much money customers actually spend through contactless payments? According to new research from Juniper Research, contactless payment technology is expected to exceed 1 trillion USD worldwide this year – including card and smartphone-enabled contactless payments. Talk about a lot of tapping!
2. Businesses stand to lose customers from payment friction at check-out
The customer service experience is an important factor in how and where many of us choose to shop, and recent research has shown that many customers include payment time in this experience. A new study by Payments Canada highlighted that friction at the point of purchase in-store and online causes 53% of Canadians to abandon a purchase. If you’re interested how payments can effect sales, make sure to take a look at this article!
3. Going Cashless, Led by Sweden
We talk a lot, and know a lot, about the growth of cashless payments in Canada, so to see other countries making headlines about their own cashless economy is very exciting! Sweden is rapidly moving away from cash, and this article by the governor of the central bank of Sweden outlines many of the ways they’re achieving this goal.
4. Fossil's new smartwatches get NFC payments and heart rate tracking
A few weeks ago we wrote about how Tovi Sorga, an accessories brand based in the UK, was beginning to integrate NFC chips into a line of their leather bracelets, and this week another accessories designer is taking a leap! Fossil’s latest line of smartwatches feature NFC payment technology, and other exciting features.
To learn more about the recent headlines in the payments industry, make sure to take a look at our articles from July 30 to August 3 and July 23 to 27.