What will the future of money look like?

03-future-03_-_finalThere are many industry commentators who are currently predicting about what lies ahead for money and most of these predictions are a pretty mixed bag. Just read any of the industry articles out there at the moment and you would be forgiven in thinking that money will remain a permanent feature while moving into decline as it all moves on-line and disappears entirely.

As I said, a pretty mixed bag.

However, there are good economic indications of the way it is going. Spending on contactless cards rose more than three-fold in 2015 to reach £7.75 billion with a total of 1.05 billion contactless purchases in 2015, up 228 per cent on the previous year. Adding the fact that last year saw the introduction of Apple Pay, and there is the imminent arrival of Samsung Pay and Android Pay, there is doubt as to how long cash can hold on to its place in our wallets.

Despite its evident decline, questions remain around what could eventually drive cash out altogether. The roll out of digital wallets has been fairly slow, and we’re yet to see whether they have the power to make us permanently move our money.

That said, contactless payment systems are going from strength to strength. Transport for London’s early transition to contactless was an immense success and a country-wide roll-out seems firmly on the cards.

The forecast seems fair, but to put these predictions into perspective MBNA, after speaking to Head of Innovation, Gary Watts, collected his thoughts on whether these conclusions are based on speculation or science – and produced this rather nifty infographic, (part 3 in a 3 part collection).

Clicking on the graphic will enlarge it  and you can also find Part 1: The Way We Used To Pay and Part 2: Money 2000 To Today by following the links.

They are well worth a look.

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Categories: Contactless Payments, Contactless Technology, Digital Payments

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