While the “mobile everything” future has been long predicted, as of the second half of 2018, we are actually beginning to see the shape of what that will look like. There will be more competition, as players like Uber try to tap more directly into the mobile payments enthusiasm they helped invent, and as enthusiasm for mobile wallets continues to creep up. But beyond consumers, the change is coming from merchants and small businesses that are looking for better ways to get paid – and tapping into the power of mobile to access digital payment streams. It’s all made possible by tokenization, which has a future in not only securing transactions, but also in making them frictionless.
Data:
$55 billion: Expected value of the global mPOS market by 2024
$3 billion: Expected value of PoS transactions done by OEM’s contactless mobile wallets.
$100: The amount of stored value Uber customers get by paying $95 into Uber Cash.
75 percent: Share of U.S. customers that can be tokenized, according to Mastercard.
50 percent: Share of small businesses that fail.
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