Many people are predicting that mobile banking will take over from the increasingly outdated cash payments in the future.
Three types of mobile payments dominate the marketplace today: m-commerce (uses a mobile browser and online wallets), m-payments (uses mobile apps), and m-wallets (replaces your entire wallet). Furthermore, consumers can access several forms of transaction on their mobile devices, including scannable barcodes, mobile coupons and self-checkout. But are consumers ready to wholeheartedly adopt the latest in mobile payment technology? Adults who are unbanked, for instance, may face a barrier to mobile transactions — there are currently 17 million unbanked adults in the U.S. But many smartphone users welcome the convenience of mobile payments (87% in the UK), while others worry about the privacy factor (79% in Asia). Still, 49% of consumers in the U.S. found shopping on a smartphone awkward.
A new infographic below shows some interesting figures and attempts to predict how mobile banking may be used in the future.