Digital payments rise to 9 trillion as more consumers make use of mobile technology
It’s been 27 centuries since the invention of the coin. In recent times the use of the coin seems to be fading fast as technological innovations change the ways in which people transact on a daily basis.
Financial analysts believe that mobile devices will exceed the use of credit cards or cash.
Digital media agency research has found that a third of UK consumers believe that cash will be extinct within the next 15 years.
Digital payments rise:
According to Visa Europe and MasterCard, by 2020, al point-of-sale (POS) terminals in Europe will be able to accept mobile payments.
Researchers have also found that Finland is leading the top of the “most digital-ready countries” followed by Singapore and the US.
Innovation around mobile wallets, wearable technology and biometric payments is fast transforming the traditional view and relationship between cash and shopping.
A key driver to market growth has been the growing adoption of mobile wallets, which has meant that more people are inclined to use smart devices to carry out m-commerce activities.
Globally, the Asia-Pacific region leads in terms of the most transactions made without cash, followed by Africa, the US and Europe.
On the African continent, this is expected to surge as smart device technology penetrates more markets. As more consumers incorporate smart technology into their lives, the digital payments rise is expected to be substantial. More banks are adopting digital technology, making it more convenient for consumers to transact. Retail outlets are also expected to conform by introducing technology that makes it easier for digital payments to be made. Mobile technology is already a dominant force on the continent and is expected to rise as more people use smart technology.