There are not many quiet weeks in the payments industry, and this week is no exception. Payline is bringing you the latest noise with another Payments News Roundup. This week we’re covering the speed of digital payments and an update on the race between Walmart and Amazon.
You Could Soon Get on Any Subway in the World By Just Tapping Your Smartphone
Fortune | Tue Oct 10, 2017 — In a world of instant gratification, this will come as welcome news, particularly for public transit riders. In the near future, subway riders across the world will be able to travel by the simple swift tap of a smartphone connected to a bank account. Although some cities like Chicago and London currently have this technology in place, it is not yet widespread. However, mobile ticketing company Masabi has already taken steps to keep spreading the mobile payment method in some 30 transit agencies around the world that are compatible with digital wallets and NFC payments. Many transit officials predict that contactless payment methods will make physical tickets and ticket vending machines obsolete, benefiting travelers globally.
Walmart Promises 30-second Returns in Stores, as Amazon Tries to Catch Up
CNBC | Mon Oct 9, 2017 — It’s the biggest retail race around these days. In an effort to regain the crown of retail royalty, Walmart is taking another step to come out on top over Amazon with a new returns system. This November, Walmart will launch Mobile Express Returns in an effort to speed up returns for customers and make the process more efficient than ever. Previously, returns took up to 5 minutes, but the new 2-step process is aiming to cut that down to a mere 30 seconds. Initially, the new returns system will apply to items that were sold and shipped by Walmart.com, but in-store purchases should be integrated into the new system by early 2018.
Digital Payments Expected to hit 726 Billion by 2020 – But Cash Isn’t Going Anywhere Yet
CNBC | Mon Oct 9, 2017 — Cash is still a contender in the payments world, but digital payments are going to give paper a run for its money (!!) by the year 2020. By that time, digital payments are expected to hit 726 billion transactions. Digital payments in developing markets grew 21.6% between 2014 and 2015 alone. The estimation for 2020 could be met by digital technologies such as connected homes, wearable devices, contactless bank cards, and augmented reality. Although cash is still one of the mainstream methods of payments, digital payments are still expected to keep rising.
Mastercard Partners with WeWork to Pilot Office Payments
Business Insider | Tue Oct 10, 2017 — Your business is smart, but soon your office may get a little bit smarter. Mastercard is now partnering with WeWork, a company that provides shared workspaces, to bring IoT and digital payments to office spaces. The program, which is currently being developed with Cisco and AVA retail will allow offices to implement faster payment and more cost-effective processes like a pay-as-you-go service for remote employees and contactless purchasing for food and beverages with self-serve kiosks. The implementation of this program in office spaces will potentially help to drive the adoption of contactless payment technology for more businesses.
Experience Payments Differently
For more payments news and industry insights throughout the week, follow us on Facebook, Twitter, or LinkedIn.