Our Scans · (FS.8.01) Future of Payments · Weekly Summary

• [New] Digital wallets have since become the world's leading payment method for both e-commerce and POS transactions, and are forecast to account for 54% of e-commerce payments and 43% of POS transactions by 2026. FinTech Futures
• Mobile wallets are gradually gaining popularity in India and it is projected that the digital payment mode will cross traditional methods like cash and cards in the coming years. Business Today
• In keeping with India's digital payment revolution, PhonePe hopes to empower users with a dependable and effective payment method by introducing UPI payments for travelers heading to the UAE. Techstory Media
• Autodesk customers will benefit from leveraging technology that eases the burden of construction payment management in a process that is simpler, faster, and more efficient for all construction project stakeholders. MarketScreener
• Yoco's secure payment processing solutions will seamlessly integrate into Shopstar's platform, allowing business owners to accept a wide range of payment methods, including credit cards, debit cards, and mobile payments such as Apple Pay. IT News Africa | Business Technology, Telecoms and Star
• With the increasing updating of mobile payment methods and the gradual popularity of QR code payments, Hong Kong users will experience a smoother payment process in 2024. Fintech Finance
• Despite popularity among millennials, Gen Z will outpace millennials in the coming years to become the primary growth driver for both digital payment methods. eMarketer
• Interest payments on central government debt in 2024 is forecast to rise nearly 12% from last year, and will represent the second-largest outlay for authorities after the defence budget. Yahoo Finance
• By 2024, 50% of all payments are forecasted to come from debit cards whereas 65% of UK adults already currently own a credit card. Small Business UK
• Apple has denied users access to digital wallets that would have provided a wide variety of enhanced features and denied digital wallet developers - often banks - the opportunity to provide advanced digital payments services to their own customers. FinExtra
• Worldpay, the global paytech, has published the findings from its Global Payments Report 2024, revealing that digital wallets are expected to comprise half of all e-commerce spending in the UK, worth £203.5 billion, by 2027. The Fintech Times
• Digital wallets could eventually provide developers an alternative way to process payments and manage customer relationships, forcing Apple to compete more aggressively by lowering fees and improving quality, which would ultimately benefit users. The New York Times
• The world of cryptocurrencies is moving fast, and by 2030, the regulation and adoption of cryptocurrencies will be much greater than they are now - we can even expect many merchants to be accepting crypto payments. cryptonews
• Consumer optimism is evident, with nearly half in LATAM, North America, and EMEA expecting mobile wallets to replace traditional payments. Communications Today
• PCI DSS 4.0 compliance solutions adapts to evolving technology, cyber threats, and payment trends, particularly influenced by the COVID-19 pandemic's impact on consumer behaviour and increased reliance on online transactions. Cyber Security Services & Payment Security Services Com
• Millions of companies around the world, from large enterprises to ambitious startups, are using Stripe to accept payments, send payouts, automate financial processes, accelerate new business opportunities and, ultimately, grow their revenue. BizClik Media Ltd.
• Apple has officially announced that it will allow iOS app distribution outside the App Store and payments outside the App Store in the EU after being designated as a gatekeeper under the EU's Digital Markets Act. GIGAZINE
• Digital payments, digital IDs, and data exchanges will play ever more critical roles in a country's ability to participate in a global digital economy and serve its citizens in a digital age. Carnegie Endowment for International Peace
• Flipkart, an e-commerce marketplace launched its Unified Payments Interface (UPI) handle to enhance further its digital payment which will offer all the customers, including its 500+ million customers. India TV News
• Proximity mobile payments in the UK are expected to grow significantly, reaching 16 million users by 2026 - a rise that's being driven by mobile wallet usage within retailer apps like Apple Pay and Google Pay. Payments Cards & Mobile
• The digital payments connectivity with Sri Lanka will enable Indian travelers to make QR code-based payments at merchant locations in Sri Lanka using their UPI apps. Economic Times
• There are likely to be 438 million mobile broadband users in Africa by 2030, which means greater access to digital payments and the benefits of e-commerce. ShowMe - Cape Town

Last updated: 18 April 2024