NEWS | Industry Updates
Covid test vending machines installed at university
Contactless payment transactions to soar
A new study from Juniper Research has found that the value of contactless payment transactions will reach $10 trillion globally by 2027; from $4.6 trillion in 2022. It anticipates that investment in the underlying contactless payments ecosystem, such as contactless enabled POS (Point-of-Sale) terminals and device- level support, will be the key driver of contactless transactions value growth over the next 5 years.
Transition to cashless society driving growth The research predicts that the push towards cashless societies will drive growth, as countries look to decrease their reliance upon cash. Mobile and wearable contactless payments are anticipated to grow by 221% between 2022 and 2027. This growth owes to the convenience that mobile and wearable payments offer consumers, eliminating the need to carry and produce a contactless card; easing the burden of transitioning away from cash. In comparison, contactless card payments are anticipated to grow by only 119% during the same period.
Furthermore, the report identified that the high growth of POS terminals capable of accepting contactless payments is also fuelling this growth. Accordingly, the research urges POS vendors to prioritise convenience when designing NFC solutions for the market, which can cater to the growing number of devices that offer NFC payment capabilities.
Contactless ticketing set for strong growth The research anticipates that contactless ticketing spend is set to grow by over 440% between 2022 and 2027. NFC ticketing has recovered strongly following the easing of pandemic-related restrictions, and is forecast to continue rising rapidly over the next 5 years. This growth will be further
accelerated by the rapid deployment of NFC ticketing solutions across public transport networks, with the aim of reducing payment friction for customers. In turn, the report urges vendors to foster adoption of their NFC ticketing solutions; targeting the public transport sector in developed regions that are increasingly seeking out ways to improve ticketing efficiencies.
Vending machines stocked with more than 300 of saliva-based, PCR tests for COVID- 19 are being installed at the University of Illinois in America. Students activate the machines with their smartphones, by scanning a QR code, at no cost to the student. The machines come with a dropbox, so a user can collect a sample and submit his or her test immediately. Shield T3 promises results within 24 hours via text message and email. “The reality is that most campuses don’t have pharmacies where students can easily access tests, much less our highly accurate PCR test,” said David Clark, Shield T3’s chief executive. “Further tests of all kinds are expensive.
This is an easy way for colleges to continue to secure affordable, high-quality testing for their students.” College administrators are able to access demand and positivity-rate data from the tests purchased from their machines via an online dashboard. “Outbreaks are still happening and colleges still need to ensure that in-person classes can be held safely,” said Bill Jackson, Shield T3’s principal officer of Shield T3. “This is a way, with little to no effort on the school’s part, to protect students and gauge the number of students who are infected.” Shield T3 grew out of an easy-to-administer PCR saliva test developed by researchers at the University of Illinois Urbana-Champaign in 2020. The company has a track record, having run more than 4.8 million saliva tests nationwide for more than 250 schools, businesses and other organisations.
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