Global remittances totaled $613 billion in 2017, marking a 7% increase from $573 billion in 2016. Factors such as stricter immigration policies have possibly resulted in an increase in the number of remittance payments this year, and the 2018 figures are expected to rise accordingly.
According to the latest worldwide market study by Juniper Research, retail spending at new frictionless payment stores — such as Amazon Go — will increase from an estimated $253 million in 2018 to over $45 billion by 2023.
With password-based personal identity solutions becoming increasingly impractical, device vendors and mobile network service providers have begun implementing an alternative second factor — using a fingerprint, iris, facial feature or vein pattern to establish an individual’s identity.
Numerous telecom service providers have expanded and tailored their services to offer the world’s poorest populations access to more sophisticated products — such as personal savings and loans. Worldwide a large number of people who remain ‘unbanked’ are without a bank account or credit history.
According to the Juniper assessment, the mobile contactless payments market will be driven by Apple Pay, Samsung Pay, Google Pay and other OEM Pay wallets. Combined, these OEM Pay wallets users will reach 450 million by 2020, with Apple accounting for 1 in 2 OEM Pay users globally.
The digitization of payments is a necessary stepping stone in hauling anti-corruption systems into the 21st century. By leveraging payment data and advanced analytics, governments could save up to $1 trillion worldwide.