In Q2 2020, when online sales jumped with the onset of the pandemic, the percentage of CNP fraud dropped to 12% of transactions, compared with 13% in Q1 2020. Unfortunately, the average fraudulent transaction rose 10% from $126 to $139 per transaction in Q2 2020.
With the accelerated digital transformation over the past few years, businesses of all kinds have expanded their global reach – a historically unlikely capability.
Innovation in the payments industry has made bill payment more convenient than ever, with mobile-first consumers able to pay from anywhere, using all types of payment, at any time.
For many retailers, adding apps was a must to survive the restrictions on brick-and-mortar shopping. However, in a rush to get apps to market, many were built without security features to prevent fraudsters from copying the apps, altering them, and turning them into phishing apps that impersonate the retailer’s brand.
One of the US verticals poised for ongoing change in the coming year is the direct selling vertical, specifically those that rely on subscription models, including offering free trials that convert into subscriptions.
New research from Boku predicts the mobile wallet adoption gap between North America and the rest of the world will continue to grow through 2025. Nearly 60% of the world’s population will use a mobile wallet by 2025 – that’s 4.8 billion mobile wallets. But the growth will be much faster in developing countries.
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Copyright 2022. Woohoo Pay. All rights reserved.
