Cash and the credit cards are commonly used mode of payment by people for completing their transaction. Cards offer a benefit of easy transactions in case of large amounts and minimize the losses by not carrying hard cash all the time. Still, the prerequisite of card transactions are the acceptability of cards by the merchant and must have a credit card machine.
Now with the smartphone becoming vital part of daily life, they can help us in making payments with the mobile wallet app. The process for making mobile payment is to simply tap the smartphone on a payment terminal, authorizing a transaction and simultaneously offering discounts or loyalty points. Eight months after the launch of Apple Pay, smartphone payment service in the United States, Apple has wordlessly launched its smartphone payment service in the United Kingdom yesterday. This payment service market is dominated with players like Apple, Google and it is now a matter of time before we start making our payments with our smartphones.
Harris Poll, is a most respected proprietary surveys conducted by Harris Interactive. Earlier this year, Harris Poll has come up with the findings that the Americans are not so sure about smartphone payment service. 43 percent of adults in the U.S. think that smartphones can never replace cash as a preferred mode of payments. Around 13 percent don’t perceive that it can happen within the next 10 years. Another 26 percent of them have felt that smartphone payments are not a vogue and will able to substitute the cash payments within 5 years.
You will find more statistics at Statista