Can banks gain a share of mobile payments market?

Mobile payments are gaining momentum in the UK. Apply Pay had the initial monopoly, with Android Pay launching in the UK a year later. A week after Android Pay launched in the UK, 460,000 payments had been accepted.
 
Countries across the globe are increasingly moving towards cashless societies thanks to advances in contactless payments. Instead of carrying a physical wallet with cash and bank cards, mobile wallets are becoming an increasingly popular method of payment. What role will banks play in this new era?
 
The death of the wallet
 
The number of smartphone users worldwide is predicted to grow to 6.1 billion by 2020 according to the 2015 Mobility Report from Ericsson. With the growth of smartphones across the globe and the consequential shifting consumer habits, mobile payments are a natural step beyond…
 
Read the entire article from ITProPortal here: Can banks gain a share of mobile payments market?

 



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