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Mobile Wallets and Contactless Payments Growing in Popularity, NFC Forum Says
Consumers are not only favoring contactless payments more, they are relying more on their mobile wallets to initiate payments, according to the NFC Forum’s bi-annual Near Field Communication Usage and Adoption study. The study, conducted by ABI Research, reveals that 95% of respondents have left their physical wallets at home …
Read More »The CFPB Targets Mobile Wallets
The Consumer Financial Protection Bureau is at it again. If you develop or manage mobile-payment apps, you might want to pay attention. The agency’s proposed rules, aimed at so-called larger participants, may ensnare you, even if you’re only a fraction of the size of, say, Google or Apple. The agency …
Read More »How the CFPB’s Mobile Wallet Rule Is Raising More Questions Than Answers
The Consumer Financial Protection Bureau released its proposed rule on mobile wallets back in November, and comments on it closed Jan. 8, but that doesn’t mean the proposal isn’t still stirring up discussion as lawmakers, payments experts, and technology firms wrestle with its implications. The rule, which would define so-called …
Read More »A New Mobile Wallet Is Set to Emerge for Electronic Games in Bars And Restaurants
With the proliferation of smart phones, mobile wallets have been specializing in recent years as businesses find ways to work them into their payments stream and consumers find the devices impossible to leave behind. Now, mobile payments are coming to the world of electronic games in bars and restaurants. TouchTunes …
Read More »Contactless, Mobile Wallet Use of Debit Spikes; Presto’s Restaurant Tally Adds up; Plus Weekly Recap
Contactless And Mobile Wallets Are Gaining Ground Among Debit Users, a Pulse Study Finds
Consumer affinity for in-person transactions that reduce points of contact are taking hold as contactless payments made with debit cards swelled to 16% of the U.S. card-present share last year from 8% in 2021. It’s a similar story with debit cards used with mobile wallets. Their use increased from 5% …
Read More »Mobile Wallet Usage Is Up, But Many Consumers Still Prefer to Pay With Plastic
Consumer adoption of mobile wallets may be growing, but a lot of consumers still prefer to pay using a physical card, a report from J.D. Power finds. The report, which surveyed 3,588 retail-bank customers nationwide between the first quarter of 2021 and third quarter of 2022, found that 49% of …
Read More »To Be Competitive, Banks May Need a Mobile Wallet That Leverages Their Retail Banking Prowess
If banks are to compete against the likes of Apple Pay and Google Wallet in the mobile-wallet arena, they are going to have to provide value-added features that leverage their retail-banking products, such as money management and loyalty accrual and redemption. “The killer question is how to disrupt something that …
Read More »Citcon Adds Klarna to Its Mobile Wallet
Citcon USA LLC is partnering with Klarna AB to add Klarna’s payment services to its mobile wallet for in-store and online purchases. The move expands to Citcon merchants Klarna’s Pay in 4 buy now, pay later loans, as well as Klarna Pay in 30 and other Klarna financing products. Consumers …
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