Apacs tips mobile technology as ‘the future’

UK payments association Apacs has hailed mobile phones an integral part of the payment “revolution”.

As people use credit cards and other plastic alternatives with increasing confidence, contactless transactions through cell phones are the obvious next step forward, the organisation claims.

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.

© Adfero Ltd

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