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It launched Tap to Pay on Android a year after it signed on to deploy Apple’s Tap to Pay on iPhone—helping feed demand for softPOS and contactless payments.

On today’s episode, we discuss how Gen Zers are different from older generations in that a lot of their financial services product consumption will be embedded within non-financial service-specific experiences. In our "Headlines" segment, we examine how convenience plays a major factor into Gen Z decision-making. In "Story by Numbers," we discuss Gen Z’s use of Apple Pay in consumer finance and if consumers can find competitive prices while using embedded finance experiences. And in "For Argument's Sake," we debate if more than 10% of Gen Z or Gen Alpha will go their whole lives without establishing direct relationships with financial service providers. Listen in to the conversation with host Rob Rubin and our analysts Grace Broadbent and Eleni Digalaki.

Bank of America, JPMorgan, and other banks are creating a digital wallet to compete with Apple Pay and PayPal—but there’s one catch.

Key stat: Boomers are the least likely to use proximity mobile payments, with only 9.5 million expected to use digital wallets this year, per our forecast. However, 73% of boomers surveyed by Razorfish consider technology important to manage their money. Why it matters: Boomers’ openness to financial technology presents a significant opportunity.

That will spur US proximity mobile payment transaction value past the $1 trillion milestone by 2027. Per-user mobile proximity spend will grow as users adopt digital wallet features. By 2028, about half of US smartphone users will make proximity mobile payments at least once a month, per our forecast.

While cards make up much of the UK’s contactless payments segment, mobile wallets have made headway: The number of UK proximity mobile payment users grew 10.7% YoY in 2022, accounting for a little over 23% of the UK’s population, per Insider Intelligence forecasts. Mobile wallets could capture more contactless payment volume going forward as players like Apple Pay and Google Pay expand their features.

Quick consumer adoption of new technology has been a hallmark of China’s digital economy; think mobile payments, online shopping, super apps, and livestreaming ecommerce. In 2024, tech companies will launch an exuberant number of AI applications, but only those that offer true value to consumers will survive. Asia-Pacific offers the metaverse a second life.

We expect tepid annual growth in the number of UK P2P mobile payments users over the next few years. It will more than halve from 4.5% in 2023 to 2.1% in 2027, keeping usage penetration below 40% of consumers. Cultural norms could be capping growth. Widespread use of pay-at-table systems at restaurants reduces the need for patrons to divide the bill.

Cash is no longer king in Brazil after being dethroned by the central bank’s instant payments system, Pix. This report explores who’s using Pix (nearly two-thirds of the population), what’s fueling its immense popularity, and how it will reshape Brazil’s payments landscape this year and beyond.

The update should help consumers feel safer using the P2P app, which may help boost Apple Cash adoption

A federal judge has ruled that Google's search business is an illegal monopoly, marking a significant win for the U.S. government’s efforts to rein in big tech. The landmark decision found that Google abused its dominance by paying device makers billions annually to be the default search engine, stifling competition.

But usage of the payment option remained quite limited compared with the share of buyers who use BNPL at any point during the year

It brought several digital payment solutions—like facial recognition and contactless payments tech—to Qatar. Here are three opportunities in the region.

It has a much smaller market cap than the likes of USDT. The entire asset category is still far from mainstream

Mobile payments are becoming easier. Digital wallets such as PayPal, Apple Pay, Samsung Pay, and Google Pay have made paying by mobile easier and more secure. People are spending more time on their smartphones. In 2023, the average UK adult will spend over three hours a day on their smartphone, per our forecast. That’s up from 2 hours and 18 minutes (2:18) in 2019.

Physical stores are the new frontier for retail media. But undeveloped tech capabilities, competing priorities, and unproven new formats are hurdles retailers need to address.

Feature innovation is transforming digital wallets into everyday commerce enablers.