Mobile Payments Over Cards by 2020

Experian projects that mobile payments will actually be in wider use than debit and credit card transactions by 2020.

The report in question, Experian’s Banking Moving Forward study, reveals that customers in the U.K have some very clear notions about just where the status of mobile payments and the like lies.

Only time will tell, of course, if these predictions hold water. There’s certainly enough change projected here to fundamentally shake up a lot of people’s lives by the year 2020. But even then, there will likely be plenty of people who want to do business on a cash-only basis, and plenty of people eager to use a smartphone swipe to make a payment. The numbers may not bear fruit, but it’s not an outlandish prediction to say that, by 2020, mobile payments will be more popular than they are now, and a lot more users will be putting such technology to work.

“ictnews”