Contactless Payments To Account For Over 50% Of POS Transactions Globally By 2022

Updated on 23 August 2017

Subscription Form (#66)
Reading Time: 3 minutes

Today's Top Entrepreneurship and Business Stories (23 August)

A new study from Juniper Research has found more than half (53%) of global transactions at POS (Point of Sale) will be contactless within 5 years, compared to just 15% this year.

The new research POS & mPOS Terminals: Vendor Strategies, Positioning & Market Forecasts 2017-2022, found that adoption in the US would rise sharply over the period, with contactless rising from less than 2% of transactions this year to 34% by 2022. It argued that customer dissatisfaction at the slower speeds of chip card transactions, allied to burgeoning contactless infrastructure, would provide further impetus for smartphone-based payments currently dominated by Apple Pay.

According to the research, in markets where contactless has been heavily promoted, such as Poland and the UK, adoption has soared, while mandates both from Visa and Mastercard mean that all POS terminals in many markets must be contactless-enabled by 2020.

The research also anticipated that smaller merchants would increasingly embrace mPOS (mobile Point of Sale) accessories, which facilitate payments via a connection to a mobile device, as competition in the space intensified.

It argued that POS system Square’s recent entry into the UK would provide an added stimulus to that market. It further claimed that the growth in this market would, in turn, accelerate the transition from cash to card payments, particularly for lower-value transactions. (via Bizcommunity)

Seedstars Announces Pitch Lineup For 2017 Seedstars World Lagos Event

Seedstars Summit, the global seed-stage startup competition for emerging markets and fast growing startup scenes will be returning to Lagos, Nigeria on Friday, August 25, 2017.

The start-ups will be pitching their ideas in front of a panel of judges, with the winner advancing to the next leg of the competition and competing on the global stage in Switzerland.

The selected start-ups for the event are as follows:

  • DropQue – Uses a combination of one way unassisted video interviews and a powerful AI assessment assistant to get companies the best candidate
  • EDVES LIMITED – Automates the brick and mortal school operations from student enrollment to fee collection
  • eWorker – Connects companies with talented and vetted developers in Africa
  • GETJAMA Limited – GETJAMA seeks to empower Africans through mobile services and products that promote real-time data collection and economic development
  • irecycle – irecycle is an online social market place for Nigerians to cash on their recyclable trash
  • Medsaf – Medsaf is the trusted medication platform for Africa. Medsaf connects pharmacies and hospitals with safe and cost effective medications
  • Parcel-it – Seamless, secure, affordable and super-fast way of delivering parcels
  • Safi.NG – Premium on-demand dry cleaners
  • Wallet.ng – Provides access to quality financial services in Africa using a phone number
  • Wesabi Solutions and Network – An online service network connecting users to highly skilled workers

These companies were nominated based on their perceived regional and global scalability as well as their date of incorporation being less than 2 years ago, evidence of a minimum viable product (MVP) and received funding amounting to less than 500,000 USD.

Power Africa To Work With US Companies, African Partners To Harness Technology

Power Africa, a US Government-led initiative to double access to electricity in Sub-Saharan Africa, has released its annual report.

The initiative consists of more than 150 public and private sector partners, which have collectively committed more than $54 billion towards achieving Power Africa’s goals. It is among the world’s largest public-private partnerships in development history, the US State Department said in a Monday press release.

The 2017 report highlights how Power Africa continues to lay the foundation for sustainable economic growth in Africa while creating opportunities for American businesses as it makes progress towards its goals of increasing installed generation capacity by 30,000 megawatts (MW) and adding 60 million new electricity connections by 2030.

Since its inception, Power Africa has facilitated the financial close of power transactions expected to generate more than 7,200 MW of power in sub-Saharan Africa.

The 80 Power Africa transactions that have concluded financing agreements are valued at more than $14.5 billion, and Power Africa projects have generated more than $500 million in US exports.

In addition, Power Africa has facilitated more than 10 million electrical connections, which have brought electricity to more than 50 million people for the first time.

The report also highlights the role of women in Africa’s power sector, by chronicling the contributions of select members of Power Africa’s Women in African Power (WiAP) network.

It includes an executive letter from the Honorable Irene Muloni, Minister for Energy and Minerals in Uganda, as well as profiles of women whose drive is strengthening Africa’s power sector.

Over the next year, Power Africa will work with more than 100 US companies, African partners, other donors, and the private sector to harness the technology, ingenuity, and political will necessary to bring the benefits of modern energy to even remote parts of Africa while promoting economic growth.

The initiative will also expand beyond its initial focus on solar lanterns and renewable energy to support more on-grid power projects in natural gas and other sources. (via African News Agency)

Get Weekly 5-Minutes Business Advice

Subscribe to receive actionable business tips and resources.

Subscription Form (#66)

Feeling Stuck?

icon