Dare to ditch your wallet yet…Maybe not, but the very near future beckons us to consider leaving home without our wallet as long as we have our, ahem, phone. There are nearly 5 billion people worldwide using mobile phones. In the U.S., about 40 percent of all mobile device users have made one or more mobile payments in the last year. These numbers will grow as the trend toward paying with our mobile devices continues. The world of business and buying hinges on mobility and access. We want our transactions fast and we want them easy.
There are predictions that 50% of consumers in the US and other markets will be using smartphones or wearables for mobile payments by 2018. Such optimistic views can’t be dismissed as long as the mobile movement continues and security issues are addressed through education and marketing. If leading businesses and industries answer their consumer’s remote buying behavior then these predictions won’t be too far off.
Purchasing retail items online, travel and banking are just the beginning of using our devices without our physical wallet. Paying utility bills, a parking ticket, traffic fine or other fees are just as easy as long as local government keeps up with the technology to meet the growing demand for remote payments.
Cities, counties and even the federal government are rising to the occasion to offer relevant ways for their citizens and constituents to make payments. Their challenge is to offer mobile technology while keeping costs to a minimum and security to a maximum (that’s for another discussion.)
But does this progression mean we can leave our wallets at home yet? Maybe not altogether; but the Washington’s, Lincoln’s and Jefferson’s will likely be resting more in the future as transactions take off in the cloud of e-commerce.
*Facts from contributors on Mobile Payments Today