Consumers ‘to pay for goods using mobiles’
New wireless technology could see people ditching cash and cards in favour of using mobile phones to pay for goods.
UK payments association Apacs said Near Field Communication (NFC) could ‘revolutionise’ the way consumers buy things.
NFC is a short-range wireless connectivity technology that allows secure transactions, undergoing development as people abandon cash in favour of cards, according to Apacs.
Apacs spokesman Jemma Smith said: “At some point the scales are going to tip to the point where people really do start using [mobile technology] and then it will potentially revolutionise the way that we pay for things.”
Apacs has reported people are now more likely to use cards to fund purchases, particularly for more expensive items.
However, this is contradicted by research from the British Retail Foundation, showing cash is used for 60 per cent of all transactions, up on a total of 54 per cent last year.
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