Mobile wallets set to spike
Recent research from Juniper Research has found that the number of mobile wallets using contactless is expected to reach 200 million.
Recent research from Juniper Research has found that the number of mobile wallets using contactless technology is expected to reach 200 million by the end of 2016, a prediction that shows the pace of change in the world of payments. UK consumers alone used their contactless credit/debit cards 319.2 million times last year and 10 contactless transactions took place every second, according to the UK Card Association.
Contactless technology is the missing link to the widespread adoption of virtual wallets. Once you are comfortable with waving your card to make payments, it’s a small step to waving your phone or your smart watch. The benefits of the virtual wallet go beyond speed and convenience – no more receipts; all your spending itemised and categorised in an easy to use application; loyalty points captured automatically; booked tickets captured and stored i.e. no need to have the booking card present to collect tickets at the machine or box office.
There is a payment revolution underway that will see consumers globally paying with their mobile wallet and driving Connected Commerce. Be it mobile wallets, virtual cards or biometric payments, the world of payments is transforming and cash can expect to slip further down the preference list over the coming years until it will eventually become obsolete by 2025.