Page 29 - Pay Magazine

adoption of mobile payments at the point of sale and online.
Once you download the app
to an NFC-enabled smartphone, you can make payments wherever Mastercard contactless is accepted, even without an Internet connec- tion, von Waldenfels adds. The app relies on a digital prepaid Master- card to fund purchases.
Boon. is available for Android users in Germany, Austria, Belgium, Netherlands, Ireland and Spain.
It’s also integrated with Apple Pay in the U.K., France, Switzerland
and Ireland. In December, the company announced that Android boon. users in certain countries are able to use a virtual prepaid card to pay for online purchases
as well.
“In the U.K., we’ve also partnered with VocaLink to become the rst mobile payment method that can be uploaded via mobile banking,” von Waldenfels says. The part- nership brings Mastercard-owned VocaLink’s Pay by Bank app to boon. users. Wirecard also is in- corporating the Pay by Bank app into its U.K. online merchant ac- quiring payment options, opening the door for even more online transactions for boon. users.
Although Wirecard hasn’t dis- closed usage gures, the company is investing in ways to enhance the app’s utility and drive further usage, von Waldenfels says. Value-added o ers and nancial services, such as microcredit,
peer-to-peer payments and more, are on the way in 2017. “Consum- ers will gain more value through convenience, time saving and more attractive customized promotions,” he adds. “To remain competitive, companies need to master new ways of operating and learn to collaborate closely with technology and data vendors.”
In-App Is Where it’s At
As companies of all kinds jockey for position in the expanding mobile payments market, mobile Web browser-based payments
and in-app payments have be- come the largest segments with
a compound annual growth rate
of more than 50 percent, according
according to First Annapolis Consultant Allan Reynolds.
First Annapolis estimates current in-app payments volume at ap- proximately $64 billion and
$135 billion in Europe and North America, respectively. Fig. 1
shows the percentages of in-app, proximity and mobile Web browser- based payments in both regions. In-app commerce represented
21 percent of mobile payments in Europe last year and 32 per- cent in North America, dwar ng proximity payments at 2 and
6 percent, respectively.
Growth in in-app payments, which First Annapolis expects
volume 10 • spring 2017
Fig. 1 Mobile PayMents by Use Case in 2016 (est.)
EUROPE NORth amERica
source: First Annapolis Consulting analysis and estimates
to First Annapolis. To compete
in this exploding area, merchants and payment providers must optimize the user experience,
to accelerate, will be fueled
by emerging in-store use cases as quick service restaurants drive increased e ciency with
paybefore.com 27