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South Korean super app Kakao had a nationwide outage that disrupted communication, prevented mobile payments from going through, and stranded passengers trying to use ride-sharing services. WhatsApp, Meta鈥檚 messaging app, suffered a significant outage for two hours, which resulted in spiking global searches for alternative messaging apps.

On today's podcast episode, we discuss whether Facebook actually has a young person problem, what will be the most popular kinds of interactive ads, if Amazon鈥檚 鈥楯ust Walk Out鈥� cashierless technology has found a new home, can a 鈥楽potify for news鈥� like service work, where Americans are moving too in the country, and more. Tune into the discussion with analysts Evelyn Mitchell-Wolf and Max Willens, and vice president of Briefings Stephanie Taglianetti.

Our seventh annual study reveals which of the 15 biggest US banks lead in mobile app innovation鈥攁 significant factor in attracting mobile-forward Gen Z鈥攂ased on an exclusive survey of which features 1,895 mobile banking users value most.

Report: US Proximity Mobile Payments 2022. Article: Paypal leans into Venmo for payments prowess. Article: Consumers鈥� trust in digital banking is shifting from their primary financial institution. Read yesterday鈥檚 Chart of the Day here.

Proximity mobile payment penetration will hit a record-high 43.2% of smartphone users this year, according to our forecast. And per-user spending will exceed $5,000 for the first time, thanks to growing acceptance and user experience improvements.

Super apps: Platforms like Alibaba and Tencent created combination entertainment and shopping platforms that feature mobile payment solutions. In comparison, US shopping platforms lack a social/entertainment factor, while US social platforms don鈥檛 inherently have mobile wallet features.

US proximity mobile payment transaction value will grow 32.0% in 2023 to reach $549.47 billion. Generative AI can create personalized messages based on customer data analysis, so customers receive tailored product recommendations, promotions, and payment options. Issuing banks. Issuing banks earned $145.1 billion on credit card interest alone in 2022.

According to finder.com, it's already the most popular mobile payment service in the UK with around 69% of those who've used mobile payments in the previous year opting for Apple Pay. That's ahead of PayPal, which was at 31%, and Google Pay, which was at 27%. I know that some of the other providers are innovating, but so is Apple Pay.

Apple鈥檚 credit card, BNPL product, and savings account put it in direct competition with financial services incumbents. With 130.1 million US iOS users loyal to its unsurpassed UX and dominant digital platform, the threat will only grow.

In part one of this two-part podcast episode on the Google antitrust ruling, we discuss the reasons US district Judge Amit Mehta decided that Google鈥檚 search business constitutes an illegal monopoly and what penalties he is likely to dish out at a hearing in September. Tune in to the discussion with host Marcus Johnson, analyst Max Willens and vice president of content Paul Verna.

Companies like Discover, PayPal, and Visa鈥攚hich just opened an innovation lab in Kenya鈥攁re rushing to take advantage of the region鈥檚 mobile payments growth: The number of proximity mobile payment users in the Middle East and Africa is expected to grow 13.5% year over year (YoY) in 2022鈥攖he fastest growth of any global region鈥攁nd hit 23 million, according to Insider Intelligence forecasts.

This holiday season, young people aren鈥檛 using buy now, pay later or mobile payment apps en masse. Debit cards are more common, used by 41% of Gen Zers, followed by credit cards and cash, according to TransUnion. Four in 5 Gen Zers will shop via social this holiday season, even though they may not purchase directly through the apps.

Canadian P2P mobile payments usage will remain low over the next few years as growth peters out. It will plunge from 4.5% in 2023 to just 1.9% in 2027, leaving penetration below 35%. It鈥檚 not an anomaly: Canada lags the digital pace set by leading Western economies across payment types. Mobile payments have been particularly slow to catch on, which has trickled into P2P preferences.

Southeast Asia may be a key expansion market for Alipay+ thanks to the region鈥檚 increasing mobile payments penetration: More than 71 million people across six Southeast Asian countries will use proximity mobile payments in 2023鈥攗p from 64.7 million this year, per Insider Intelligence forecasts.

Nearly a third of UK adults reported being registered for at least one mobile payments service in 2021, per UK Finance. This is well above usage rates in the US and Canada. And per the same UK Finance report, 16- to 24-year-olds are five times more likely to be registered than those 65 and older. BNPL payment value share will double as older consumers play a larger role.

颁丑颈苍补鈥檚 mobile payments market is highly mature: Nearly 8 in 10 mobile phone users make both proximity and peer-to-peer (P2P) mobile payments, mostly through Alipay and WeChat Pay. But Beijing has been cracking down on Big Tech, which could make apps harder to use and less appealing to customers.

And emerging methods hold significant opportunity: Consumers increasingly want to use proximity mobile payments and buy now, pay later, while account-to-account payments can reduce SMB costs relative to card payments. Mobile point-of-sale (mPOS) and software POS (softPOS) technology could attract a wider ambit of SMBs and tighten integrations.

Related content: Check out our Southeast Asia Proximity Mobile Payments Forecast 2022 spotlight report to learn more about mobile payment penetration in Vietnam. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.

It鈥檚 getting harder for apps to grow their user bases.

Related content: Check out our 鈥淯K Mobile Payments鈥� report to learn more about the state of mobile payments in the UK. This article originally appeared in Insider Intelligence's Payments Innovation Briefing鈥攁 daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily. Are you a client? Click here to subscribe.

Key stat: By 2028, in-store retail media spend will reach over $1 billion but will make up less than 1% of total omnichannel retail media ad spending.

And we even saw that with mobile payments, right? Mobile payments in a big way really hit the seed in the US in 2014. That's when Apple Pay launched. But customers didn't really start to warm up to them until 2019 and it was only in 2020 and 2021 that we saw adoption get closer to a critical mass. This is going to be similar and could maybe even be a bit slower. Sky Canaves:.

Digital wallets will be the only payment type to increase its share of worldwide point-of-sale transaction value between 2023 and 2027, making up 46% of total value by the end of that time period, according to a March 2024 report from Worldpay.

Proximity mobile payments are projected to grow 7.5% in Western Europe this year, per our forecasts. The fintech鈥檚 rewards scheme can attract customers who want to earn points for their purchases. And a unified product that lets customers make purchases and send and receive money can win over users with its ease, simplicity, and speed.

Establishing these connections is important for global providers that want to gain a foothold in 颁丑颈苍补鈥檚 remittance market: Mobile payment users are expected to account for 65.1% of 颁丑颈苍补鈥檚 population this year. The bigger picture: As regulators tighten their grip on Tencent and rival Ant Group, these players are building stronger ties with global payment providers to bolster business.