Cash goes mobile

Cash goes mobile

mobile payments

The world is set to have some 450 million mobile payment users by 2017, up from 61 million last year. While Africa unsurprisingly accounts for around a half of all mobile money usage, one quarter of US and UK millennials made a payment using a mobile app in the last year, while 45% of that demographic is comfortable connecting payment information to a wearable device to make hassle-free payments. That’s according to the Looking Further with Ford: 2015 Trends report from Ford.

Which payment tools are likely to rack up users? Clearly, Apple Pay will have critical mass – over 1 million people activated the service with 72 hours of its recent debut.

More interesting, maybe, is Spanish bank La Caixa’s wristband for customers wanting pay with a tap of the wrist. The wearable tech uses a microtag with the customer’s encrypted card details, and users are alerted to wristband transactions completed via a companion app. The device can be used at 300,000+ locations across Spain.

And there’s Plastc, which rolled out just two months ago. It’s a credit card-sized device with a touchscreen display holding up to 20 cards protected by a PIN. Plastc erases all stored card data after a pre-set time period.

Modern mags

Modern mags

BMW's ultimate data

BMW's ultimate data