Already on the rise prior to the health crisis, eMarketer reports that the number of individuals who used proximity payments rose by 29.0% year-over-year to 92.3 million in 2020 and is expected to exceed 114.8 million by 2023. By the end of 2025, more than one in every two smartphone users in the US will be using proximity mobile payments.
Along with proximity payments, the use of mobile wallets is also increasing. In the same research note, eMarketer reported US consumers used mobile wallets to conduct in-store transactions in 2020 worth more than $182 billion. The transacted value of mobile proximity payments will jump to nearly $250 billion by 2021, putting it on track to exceed $500 billion by 2025.
While mobile banking and proximity payments have surged, the number of bad actors looking to cash in on this trend has jumped as well, prompting the FBI to issue a warning to consumers in 2020. More than ever, it’s critical for brands to incorporate a mobile component into their brand protection strategy.
Increasingly, brand protection professionals are facing challenges from sophisticated brand abuse networks run by tech-savvy bad actors who target high-profile, trusted brands. Legacy brand protection providers are unequal to this challenge. Modern brand protection solutions can identify these high-priority bad actors so you can focus on the most egregious offenders -- and ensure your customers have an authentic experience with your brand.
To learn more about how Appdetex can help you meet today’s brand protection challenges including how to disable brand abuse networks, click here.