In Europe, millions of people make mobile payments every day, using a wide range of options. This would be achieved through further penetration of the European and Asian markets. The outlook for Apple Pay’s development is impressive, with forecasts that it could account for up to 10% of card payments by 2024. Solutions developed in the US that can be used anywhere in the world, such as Apple Pay, Google Pay and Amazon Pay, now account for over 5% of card payments, with Apple Pay currently the leader. There’s a similar picture in neighboring countries such as Singapore and India. Most e-commerce and in-store transactions rely on these applications rather than cards, and they also offer a wide range of related services, such as promotional offers, investments, insurance and travel reservations. In China, the digital wallet is the preferred national choice among the different payment solutions. More than two-thirds of these people live in the Asia-Pacific region, with China alone accounting for almost 50%, using services such as Alipay and WeChat. The number of digital wallet users across the world exceeded one billion in 2019. Digital wallets (e-wallets) have emerged to make contactless payments using different technologies: NFC for a large part of Europe and North America, or QR code reading, especially in China. Over the past decade, mobile payments have been developed using a variety of technologies, transforming our smartphones into payment methods, whether for in-store or online transactions. Mobile payments as an alternative to cards. The following overview of innovative payment solutions outlines a vision for the future of payments.
In the future, the majority of payment methods will be digital and mobile, based on QR codes or NFC technology, and will offer value-added services such as promotional offers, multi-currency cards, deposits or instantly approved loans.
For Mélina Le Sauze, Director at Redbridge, the challenge for every retailer is no longer whether or not to accept mobile payment solutions, but to determine without delay which ones are best suited to their business and the needs of their customers. The pandemic has demonstrated the value of mobile payment solutions in helping mitigate the risk of virus transmission at points of sale.
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