Payments Council: Cards are killing cash, but mobile may slay plastic | Mobile Payments | Mobile Entertainment

Payments Council: Cards are killing cash, but mobile may slay plastic

Payments Council: Cards are killing cash, but mobile may slay plastic
Zen Terrelonge

by

Payments / NFC / February 20th 2013 at 10:03AM

Trade body notes how device-based payments have gone from science-fiction to threatening the future of physical wallets.

The UK Payments Council has observed the trends experienced with British spending and says £58bn was spent on entertainment over the past year, which is a 60 per cent climb on 2001, noting that consumers still find the cash despite the economic climate.

However, it's the way they're now paying for items and outings that's interesting. The board says that the debit card has won the fight against cash for now, though it has an impending battle on its hands against mobile payments, while cheque usage continues to fall.

Adrian Kamellard, CEO of the Payments Council, said: "We scarcely notice the steady changes in the way we pay, yet someone in their thirties today will see more change in their lifetime than in the entire history of money. Even recent innovations such as payment via a mobile phone, which ten years ago some felt to be science fiction, will soon be commonplace.

"The 2000s were the decade of the debit card.  The 2010s are likely to be the decade of the mobile phone. Just as we can’t imagine how we ever did without the internet, many people will soon wonder how we used to be so dependent on cash and cheque.  Twenty years from now even cards may seem archaic. The wallet could become a historical curiosity."