A new report from
The report shows that mobile payments will quadruple to 40% of in-store purchases in the
"When people discuss the future of payments, they tend to predict the end of cash,"
He noted that in emerging economies, plastic cards are being skipped entirely as underbanked communities jump from cash directly to mobile payments. In
By contrast, in developed economies, cash and plastic cards are well ingrained in the daily lives of consumers. About 40% of consumers in developed nations prefer traditional payments over digital wallets.
Laboure said the rise in mobile payments is due to a number of factors, including speed, convenience and the absence of fees. He said retailers are taking note of the trend by installing mobile payment apps to fit customer desires. He said mobile payments remove a psychological barrier because there is no need to type in a PIN code or handle cash.
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