“2016 will be the year when UK shoppers will be able to use their mobile phones to pay for things on the high street with digital money rather than cash, cheques or cards,” unveils Forrester Research, an independent technology and market research company that provides pragmatic and forward-thinking advice to global leaders in business and technology.
The upshots were based on interviews with 10 senior executives from major UK businesses, said the market research company.
The research, commissioned by PayPal, says more than half of all cell phone users pay for something via the portable device every three months. It suggested more devices will be in circulation over the next years.
It says a huge number of online retailers are offering PayPal alongside credit cards. Moreover, to encourage visitors to pay with their cell phones eBay is to open a shop.
“We’ll see a huge change over the next few years in the way we shop and pay for things. By 2016, you’ll be able to leave your wallet at home and use your mobile as the 21st century digital wallet. 2016 will mark the real start of money’s digital switch over in the UK. We’re not saying cash will disappear entirely, but we’ll increasingly use our phones and other devices rather than our wallets to pay in-store as well as online,” said Carl Scheible, Managing Director of PayPalUK.
Moreover he added that “the lines between the online world and high street will soon disappear altogether. Children born today will become the UK’s first ‘cashless generation’. It will be completely natural for them to pay by mobile.”