Technology and gaming content trusted in North America and globally since 1999
8,620 Reviews & Articles | 61,096 News Posts

Payments could one day be cashless and cardless, but will take time

It will take time, but the future of payments could focus more on mobile, cashless and cardless payments

Michael Hatamoto | Feb 15, 2015 at 4:10 pm CST (0 mins, 51 secs time to read)

There are plenty of alternative payments to cash, debit and credit cards, but it will take years of development for widespread consumer adoption. Vendors hope mobile payments, for example, will provide a cashless and cardless payment choice, while other solutions are being developed.

Payments could one day be cashless and cardless, but will take time | TweakTown.com

"As technology drives a shift in how we buy things, the revenue that the payments industry extracts could grow to more than US $2 trillion a year by 2023, double the 2013 figure, the Boston Consulting Group predicts," noted "The Future of Money" report from MIT Technology Review. "Much of that increase will come from a reduction in cash payments in developing countries."

The US mobile payment will expand from $52 billion last year up to $142 billion by 2019, the Forrester Research analyst group predicts. Consumers have smartphones and the ability to use mobile payments, but it's still going to take time to build trust and confidence.

Apple Pay is expected to greatly boost mobile payments in the United States, and may help show customers the benefit of alternative payment options.

Last updated: Apr 6, 2020 at 08:45 pm CDT

Michael Hatamoto

ABOUT THE AUTHOR - Michael Hatamoto

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

Related Tags