No more cash transactions for UK by 2016

Contactless Payments, eCommerce, Online Shopping, Consumer

A survey from Forrester and Pay Pal has indicated that UK shoppers will be able to make all types of financial transactions via their mobile devices by 2016, thus eliminating the need to carry cash, credit cards and cheques on them.

The conclusion was made after interviews with 10 executives of large UK companies, with a total turnover of £85bn in 2010.

At present, nearly 50% of all mobile users use their devices to buy something once every three months and there is a clearly marked tendency for a rise in the number of mobile devices over the next few years.

Making purchases via mobile devices has been facilitated by the increasing numbers of online retailers who offer Pay Pal and by more and more special offers for consumers – location-based offers, digital loyalty cards and apps. eBay also promotes m-commerce by setting up a store, which does not have tills but shoppers are encouraged to buy via their smartphones.

According to Carl Scheible, Managing Director of Pay Pal UK, the next few years will bring significant changes in the way people buy and pay for goods. He thinks that 2016 is the year when UK consumers will be able to leave their homes without their wallet but still feel free to buy anything they wish, thanks to their smartphones. In addition, the boundaries between in-store and online shopping will blur and children who are born today will grow in a world where paying by mobile is the norm, he added.

A recent article featuring NFC mobile payments supports the fast move being made by big corporations to a cashless society.