Just 10 or so years ago, using cash to pay for your dinner, groceries or morning coffee was the normal thing to do. Sometimes, people who planned to pay with their credit or debit card would have to ask if the store accepted card payments. Now, some experts even say that cash could be a thing of the past within the next 10 years.
The declining use of cash
The use of cash as a consumer payment choice has continued to decline over the past ten years. Is it because cash takes up too much room in our wallets? Perhaps it’s because of more contactless payment methods available, such as payWave and PayPass. Compared to cash, contactless payment methods can be seen as a more convenient option because of the ability to shop online, keep track of payments and secure transactions.
The use of cards
Over the past decade, using a debit card or credit card overtook cash as the preferred payment choice for many consumers. The way cards are used to make payments continues to gradually change. Nowadays, the increased accessibility of electronic payment methods, such as mobile wallets, means that the card doesn’t have to be physically present at the time of purchase.
What are mobile wallets?
Mobile wallets are linked to a debit card or credit card through offerings such as Google Pay, Samsung Pay and Apple Pay, or smart watch based offerings like Garmin Pay and Fitbit Pay. The way that they are used on a mobile phone or a smart watch is similar to that of payWave and PayPass, which is the ‘tap and go’ functionality.
We’re excited to be working towards introducing mobile wallets to our customers in 2019. We’re still early in the process of delivering this payment option and we’ll continue to communicate further information in the coming months.