By CardNotPresent.com Staff
In January, Apple CEO Tim Cook called 2015 the “year of Apple Pay.” Perhaps, the “year of [fill in the blank] Pay” makes more sense. But, in addition to the explosion of mobile wallets that could have a material impact on CNP transactions going forward, there were lots of other big stories that affected the card-not-present industry in 2015. While its true effect on CNP fraud may not be felt for years, the long-awaited liability shift in the ongoing U.S. EMV migration arrived. In the meantime, steadily growing e-commerce transactions and an explosion in m-commerce growth had more immediate effects, along with the seemingly daily reports of the most recent data breach. Increasing attention of governments around the world to cybersecurity and the cost of credit card acceptance, an uptick in consolidation in the payments space and shifting fraud trends also made news this year. Here are the most important stories covered in CardNotPresent.com in 2015.
Rapid Growth of CNP Commerce
Records fell during the 2015 holiday shopping season, and all year long the numbers indicated more consumers are turning to their PCs and mobile devices to make purchases than ever before. CardNotPresent.com chronicled the promise of opportunities in global markets. With U.S. online retail sales to hit $480 billion by 2019 , global online B2B sales approach $7 trillion by 2020 and Chinese cross-border e-commerce hitting $1 trillion in 2016 , CNP commerce is not showing any sign of slowing down. And, while e-commerce has been the most prominent CNP channel for more than a decade, this year mobile e-commerce traffic surged past desktop .
Evolution of Data Breaches
While 59% of compromised identities came from retail breaches in 2014 , most large scale data breaches in 2015 were at the expense of health care companies, hotel chains and the U.S. government.