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.
The value of spending on remote payments for digital and physical goods will surpass $3.3 trillion this year — that’s up 10 percent on the 2017 total of $3 trillion, according to the latest worldwide market study by Juniper Research.
eMarketer estimates the value of U.S. proximity mobile payment transactions will total $49.29 billion in 2017 — that’s up 78.1% from last year. Though the growth rate will remain in double digits through the forecast period, it will slow down to 23.9% in 2021.