Cash goes mobile
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.