Contactless, mobile payments to drive cashless society

Contactless, mobile payments to drive cashless society

Market news |
By Rich Pell

Mobile payments systems such as Apple Pay are also offering customers a contactless payment system that is expected to grow rapidly in the near future. (See also “NFC mobile payments to soar in 2016.”)

A survey of more than 2,000 consumers shows that 68 per cent believe that cashless technologies will completely replace physical money by 2036. The figure is higher in London where three quarters of people said they thought cash would disappear within 20 years.

Last week the Bank of England announced that it will be launching a fintech accelerator programme that will work with technology companies to harness fintech innovations. Mark Carney, The Governor of the Bank of England also remarked that “Financial technology companies will change the nature of money, shake the foundations of central banking and deliver nothing less than a democratic revolution for all who use financial services”

Speaking at an event during London Technology Week on the growth of the capital’s fintech sector, Gordon Innes CEO of London & Partners said: “London is the global leader for fintech. With the world’s leading financial services centre and Europe’s fastest growing technology hub, London’s fintech companies are disrupting the current financial industry and changing the way we interact with money.”

“As a result, they are attracting record levels of investment and world class talent. From peer-to-peer lending companies, such as Funding Circle and Zopa, to remittance companies, such as WorldRemit and TransferWise, London’s fintech companies are pioneering the latest disruptive fintech innovations.”

Related articles:
NFC mobile payments to soar in 2016
Android Pay enters mobile payments fray
Tiny NFC security module targets smart wearables
Qualcomm, NXP partner to boost NFC in mobile, wearable & IoT designs

If you enjoyed this article, you will like the following ones: don't miss them by subscribing to :    eeNews on Google News


Linked Articles