UK payments association Apacs has hailed mobile phones an integral part of the payment “revolution”.
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Jemma Smith, spokesperson for Apacs, says “the scales are going to tip” very soon as Near Field Communication (NFC) technology becomes increasingly accessible.
She explains: “Around 90 per cent of households now have a mobile phone – you have that little bit of technology in everybody’s hands and there is scope to develop it – something is going to happen at some point in time.”
Juniper Research predicts 612 million mobile users worldwide will generate over $587 billion worth of financial transactions in the next three years.
However, recent research by the British Retail Consortium shows cash is still a dominant payment option – over the 12 months leading up to April 2008 it was used for 34 per cent of retail spending compared with 32 per cent in April 2007.
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