Mobile phones call up a cashless future

A boom in payment-enabled smartphone manufacture and the entry of key phone and finance players into the mobile wallets market has made 2014 a watershed year, as the tide turns against the future use of cash.

Consumers in the US are primed for mobile wallet adoption according to a paper written last month by Javelin Strategy & Research, an America analyst specialising in technology and financial services.

Over half of mobile US purchasers bought physical goods using their smartphones in 2014, up to 51% from only 14% in 2009, Javelin said. Such payments will rise from roughly $3 billion (€2.4 billion) in 2013 up to $53 billion by 2019, the research claimed.

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Source: Euractiv



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