This Week in Payment News – September 3 to 7

September 7, 2018

From five high school students that are helping to revolutionize payments for the visually impaired, to millennials making the headlines for their contactless adoption speeds, there seems to be a theme of the younger generation taking over this week in payments!

1. Millennials see mobile as the future of payments, Compass Plus survey finds

Millennials might be killing the cereal, diamond and even mayonnaise industries, but surveys are showing that they’re not going to be getting in the way of the future of payments. 27 per cent of millennials see themselves using their mobile phone as their primary payment method in the next 10 years, and 77 per cent would rather leave their phone with just their phone over just their wallet. It sounds like the advancement of the payment industry will be safe with this generation!

2. How Five High School Kids Are Changing Payments For The Visually Impaired

A team of high school students from Northern California has taken an award winning project from an Entrepreneur contest and won the approval and support from Visa. The team has built a device that helps simplify the tasks and daily habits of blind people, instead of having to modify their days around certain things - payments included. Make sure to take a look at this article and find out more about this advancement!

3. In-Store Contactless Payments Volume To Reach $2T In 2020

In-store contactless payment volumes could reach $2 trillion American dollars by 2020, doubling this year's number of $1 trillion! This article notes that the speed of this growth is coming faster than anticipated, and some of the businesses that are helping to encourage this speed.

4. Back-to-school buoys B.C. bricks-and-mortar retailers

Holiday shoppers make the headlines for the spending that hits record peaks each year, but back-to-school is quickly gaining momentum for businesses around the country. This article features quote from companies from Staples to independently owned children’s clothing stores about the impact back-to-school shoppers have on their businesses, and how sales keep going up!

5. A cashless New Zealand? Nearly half expect a cashless society by 2028

Here at Moneris, we predicted that by 2030 cash purchases will make up only 10 per cent of the money spent in Canada, but this date in New Zealand is even sooner! A survey by Mastercard revealed that about 48 per cent of New Zealanders believe they will live in a cashless society in ten years time. Make sure to check out this article to find out more about how New Zealanders are thinking about contactless payments.

If you’re interested in finding out more about what’s making waves in the payment industry recently, make sure to check out our recaps from August 27 to 31 and August 20 to 24.

The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed. 

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This Week in Payment News – August 27 to 31
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