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NewsBriefs

ment, and players focused on providing enhanced service in order to enhance latory study explores the impact of
the consumer experience are major factors expected to drive the growth of the digital identity, regulatory and legis-
global market,” the firm said in a statement. lative initiatives on fraud prevention,
data protection, payments, Open
Online sales continue to soar Banking, e-signatures and other com-
The COVID-19 pandemic has sent millions of consumers online for purchases mercial banking practices. OneSpan
they had been making in-store. Now, a new report from Juniper Research executives Michael Magrath, direc-
suggests online buying isn't just a fix for a temporary situation, but a long-term tor, global regulations and standards,
trend. Juniper expects transaction values for online sales of physical goods to and Gabrielle Rosas, strategy and
surge 33 percent between now and 2025. By the time the books are closed on global regulatory researcher, provide
2020, the U.K.-based research firm said, ecommerce sales of physical goods an overview of regulatory initiatives
worldwide will total $3.3 trillion for the year; that total will swell to $4.4 trillion in the report.
in 2025.
The co-authors observed that regula-
Juniper also expects OEM pay schemes (smartphone-based wallet schemes tors around the world have modeled
such as Apple Pay and Google Pay) to be a major contributor to this growth, their approaches to onboarding and
with purchase volumes for remote goods purchases expected to grow 730 e-signatures on Digital Identity Guid-
percent globally between 2020 and 2025. "The pandemic has fundamentally ance published in March 2020 by the
altered customer behaviors towards ecommerce, with these behaviors likely to Financial Action Task Force.
be sustained in the longer term," Juniper said in a press statement. 2020 holiday shopping off to

OneSpan tracks regulatory trends amid pandemic healthy start
The OneSpan Global Financial Regulations Report, published Nov. 17, 2020, cor- One week before Black Friday, many
relates regulatory trends with the coronavirus pandemic. OneSpan's first regu- consumers had already begun their
shopping, albeit with fewer face-to-
face interactions. A flurry of reports
released recently suggest spending
will be at or near 2019 levels, as con-
sumers seek low-touch shopping op-
tions. Fifty-nine percent of consum-
ers had begun their holiday shopping
as of early November, according to a
survey fielded by the National Retail
Federation and Prosper Insights &
Analytics.

This follows strong retail sales gains
in October, despite the economic un-
certainties brought on by COVID-19.
Overall, retail sales were up 10.6 per-
cent in October 2020 compared to Oc-
tober 2019, according to the NRF. And
for the first 10 months of the year, re-
tail sales were up 6.4 percent over the
same period in 2019.

"Consumers have proven their resil-
ience and willingness to spend as we
head into the heart of the holiday sea-
son, and retailers continue to demon-
strate their commitment and ability to
ensure safe shopping environments
for their customers and associates,
with deep discounts, robust invento-
ry and great experiences whether in-
store or online," said Matthew Shay,
NRF president and CEO.

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