39865
Mobile Phone Payments to Beat Cash by 2025
Economy, Sci & Tech

Mobile Phone Payments to Beat Cash by 2025

A UK supermarket predicts contactless payments via mobile phones will outstrip cash within a decade.
The Co-operative Food said customers currently used cash for almost two-thirds (65%) of all transactions, but contactless payments had trebled in a year as more bank cards with the technology came into use as well as the launch of mobile payments such as Apple Pay, AP reported.
It predicts that 65% of all transactions will be by mobile phone by 2025, “with bank cards and cash becoming a thing of the past like checkbooks”.
The latest figures from The Co-operative Food show contactless has reached almost 11 million transactions in a month, up 1.4 million (15%) on the previous period.
Cheryl Marshall, retail chief information officer at The Co-operative Food, said: “We’ve seen incredible growth in contactless and it is the payment medium of tomorrow, although mobiles are ringing the changes.
“The new technology is perfect for convenience stores, as shoppers buy fewer items and speed is important to them.
“Cash is still king as people enjoy carrying money, however we predict that by 2025 mobile payments will overtake cards and cash.”
However, a survey by the supermarket of 2,000 shoppers found they still tended to use chip and pin rather than contactless for payments over £10.
Trust was the main barrier when making a more expensive purchase, and the ease of contactless “loses its appeal as soon as the spend gets into double figures in consumers’ minds”, the retailer’s report found.
The average contactless spending on a basket in convenience stores is £8.66 compared with £18.16 when using chip and pin, and £9.38 compared with £23.28 for fuel despite the £30 limit.
A spokesman from the Royal Mint said: “The demise of cash has been predicted for a long time but it remains the currency option the general public turns to for confidence, convenience and security.
“Cash is still the most prominent payment method for UK consumers and global demand for coins is as strong as ever.”

Short URL : http://goo.gl/9IWAhH
  1. http://goo.gl/soCAqX
  • http://goo.gl/HxB0K3
  • http://goo.gl/hpo6B0
  • http://goo.gl/iYIdBC
  • http://goo.gl/4Nd8JL

You can also read ...

Iran Missing Advantages of Foreign Banks’ Presence
Tehran Chamber of Commerce, Industries, Mines and Agriculture...
Oman Eyes Iran Market Amid Rising Imports
Ithraa, Oman’s inward investment and export promotion agency,...
Luxgen’s S3 is a 5-seater subcompact sedan equipped with a 1.6-liter, 116 hp gasoline engine.
Local company Arman Motor Kavir is set to unveil two imported...
Iran Exim Bank Tapping NDFI Resources
Export Development Bank of Iran–the country's exim bank–is to...
Billet and bloom shipments made up the bulk of exports, reaching 1.78 million tons, up 28% year-on-year.
Iran’s semi-finished steel exports during the first seven...
Local producers have often called  on the government to increase import tariffs on tires.
In order to “protect domestic production”, the Industries...
Transport MoU With South Korea
Iran and South Korea have signed a memorandum of understanding...
Roadmaps for SSO Recovery
The research arm of the Iranian Parliament has conducted a...

Trending

Googleplus