Say hello to Apple Pay and goodbye to cash
It has been announced that Apple Pay is finally coming to the UK at Apple’s Worldwide Developers Conference.
Its introduction in the US has already encouraged the mobile payment industry to adapt at a faster rate – with giants such as Google and Samsung also throwing their hats into the ring. While it is true that mobile payments is still in its infancy, the explosive growth of contactless payments in the past 18 months means that in a few short years from now, payments via smart devices are likely to be just as commonplace as paying by cash, debit or credit card today.
One of the most significant updates to Apple Pay announced yesterday is the rebranding of the Passbook app to Wallet. This is a big statement of intent from Apple to replace the physical wallet – a major step forward in transforming the world of payments. With this and the impending July launch of Apple Pay in mind, I predict that the UK, and London specifically, will be at the forefront of the evolution from physical wallets to virtual wallets that replace payment cards, loyalty cards, Oyster cards, plane tickets and much more.
As a result we can expect to see cash used less and less over the coming years until it will eventually become obsolete in most places by 2025.