Tokenised payments to exceed 1tn by 2026.
Instagram adds payments in chat.
40% of eCommerce businesses to open stores.
YouTube launches YouTube Shopping.
Starling Bank announces first year of profitability.
Google launches new Wallet in 39 countries.
Lawsuit launched against Apple Pay.
Google to cut fees for app developers from 15% to 12%.
Tokenised payments to exceed 1tn by 2026.
Study by Juniper Research has found that tokenised payment transactions are to exceed 1 trillion globally by 2026; rising from 680 billion in 2022. This is driven by the rise of ‘one-click’ solutions that use card-on-file tokenisation.
Instagram adds payments in chat.
Instagram adds payments in direct messages. Users can now buy products from small businesses using Meta Pay within the chat function. Customers send a message to a qualified small business they’re interested in buying from, who will send a Meta Pay link. Currently only live in the US.
40% of eCommerce businesses to open stores.
40% of eCommerce businesses in Europe plan to open a physical store in the next three years, revealed in a report by Tribe Payments. The move to open physical stores is being driven by a number of consumer and payment trends that merchants will need to adapt to in the next five years, including cross border shopping, personalisation and improved customer experience.
YouTube launches YouTube Shopping.
YouTube partners with Shopify to allow creators to feature their products on their channels. Creators link their stores to display their products across their channel, leverage Shopify’s real time inventory syncing, tag products to a livestream from the Live Control Room, and in the US they can enable onsite checkout so viewers can complete their purchases without leaving YouTube. Viewers in US, India and Brazil will be able to shop recommended content in the Explore function and YouTube plans to roll out this feature to more countries later in 2022.
Starling Bank announces first year of profitability.
Starling Bank announces first full year of profitability, with pre-tax profit of £32.1 million and pre-tax loss of £31.5 million for the FY 21/22. Revenue for the same period was £188 million.
Google launches new Wallet in 39 countries.
Google updates the Google Wallet app to consolidate all payment options, IDs and passes in one place and launches in 39 countries. The update displays payment cards at the top for viewing and any passes that person has will show beneath. Google Wallet will store payment cards, digital IDs, car keys, transit passes, hotel keys, concert tickets and more, in a shift towards a more ‘comprehensive digital wallet’.
Lawsuit launched against Apple Pay.
Affinity Credit Union has launched a lawsuit against Apple Pay for restricting contactless payments on iOS devices to Apple pay and charged payment card issuers fees to use the mobile wallet, engaging in anti-competitive behaviour. Android users have several options for contactless mobile wallets, while iOS users are restricted to Apple Pay.
Google to cut fees for app developers from 15% to 12%.
To comply with new EU Tech rules, Google will cut fees from 15% to 12% for non-gaming app developers who switch to competitive payment systems on the Google Play App Store. This will be expanded to gaming apps as well.
ChatGPT has generated a lot of interest from across the business world, but what about its impact on payments? We hosted a great conversation with Matt Mills, Daniel Cronin and Tom Hay from Featurespace, Integrated Finance and PSE on their views on how it will affect payments industry. We touch on topics ranging from fraud and engineering and operations.
