Global Scans · Contactless · Weekly Summary

• In the UK, mobile payments are expected to reach $187 billion by 2024, driven by the growth of contactless payments and the increasing popularity of mobile payments among younger consumers. XE
• Apple device users in the EU will be able to choose their default web browsers and contactless payments apps, meaning they could make contactless payments without using the Apple Pay system. Devdiscourse
• Some of the small companies are more motivated -35% acknowledge that accepting new forms of payment is an opportunity to reach new customers, and 51% plan to shift to being cashless in the next two years by accepting the use of mobile payment apps, mobile wallets, and contactless cards. AllBusiness.com
• With over 90% of bank cards in France equipped with contactless technology, and the growing adoption of contactless payments, merchants will be able to accept payments from their customers with a simple tap on their iPhone. FinExtra
• Nearly two-thirds of respondents expect to make a contactless fare payment with their own bank card or a prepaid transit card in 2024 (65%) and almost one half would use public transport more often if contactless fare payments were capped. NFCW
• Cash as a percentage of all payments has fallen from 62% in 2006 to just 15% in 2021, and is forecast to fall to 6% by 2031, as the COVID-19 pandemic accelerated use of cards and smartphones for contactless payments, UK Finance's payment markets report said. Reuters
• More than nine in ten public transport users worldwide expect to be able to make contactless fare payments when travelling on public transport and more than four in ten identify the ability to make contactless fare payments as a key factor in encouraging their use of public transportation. NFCW
• The news follows the UK Government's announcement earlier in 2023 that it wants to see a minimum standard for payment across all [EV] chargepoints and that consumers should be able to rely on their chosen payment method which could include a form of contactless payment. NFCW
• The UK's ability to embrace the relatively new payment method is predicted to skyrocket over the coming years, with the average monthly number of contactless payments from adults estimated to rise from two in 2015 to fourteen by 2025. Statista
• Passengers using bus services across 33 cities and islands in Greece will soon be able to make contactless fare payments for their journeys using their own locally issued or international credit, debit or prepaid card. NFCW
• NatWest bank is launching a software-only point-of-sale solution that will enable merchants in the UK to accept in-person contactless payments on Android NFC smartphones. NFCW
• China will account for 51% of all new petrochemical capacity over the forecast period, which will boost its naphtha consumption by 1 million bpd and lift liquid petroleum gas (LPG) demand by 500,000 bpd. Reuters
• We have seen increased interest in natural refrigerant solutions following the EU's draft F-Gas Regulation proposal which further restricts the production and consumption of synthetic fluids with high global warming potentials. ACR Journal
• To meet European climate commitments, there is a need to step up efforts on energy conservation and energy efficiency, with the aim of achieving a 34% reduction in energy consumption by 2050. Engie.com
• Japan could generate about 50 times more electricity than its current consumption using offshore wind farms within its exclusive economic zone. East Asia Forum
• By 2050 the world's population is expected to increase by approximately two billion and, with it, global consumption of materials is expected to double. calgaryherald
• In the global 2023/24 cotton balance sheet, higher beginning stocks and production more than offset an increase in consumption, and ending stocks are projected 515,000 bales higher than in May, at 92.8 million. Cotton Grower
• While Japanese economic growth was stronger than forecast and could lift demand, European growth was lower than expected and Chinese data continued to miss estimates and could affect overall consumption outlook. London Business News | Londonlovesbusiness.com
• Higher-income countries like the U.S. have had a high consumption [of ultra-processed foods] for 20 years, 30 years, and consumption is not going to change much, whereas it's only starting to take off in low- and middle-income countries. STAT
• In an effort to boost car consumption in new energy vehicles, China's government plans to extend the NEV purchase tax exemption for at least four more years. electrive.com

Last updated: 11 February 2024