Forum Predicts Consumers Will Embrace Cashless Future
Some of the largest financial institutions in the world and numerous small technology startups are banking on a cashless future facilitated by consumer adoption of the mobile wallet, say participants in a two-day forum at Harvard University. “Every device will become a commerce device,” predicts MasterCard’s Gary Flood. He observes that thus far mobile wallet acceptance is mainly concentrated in young people, with individuals younger than 35 more likely to pay via smartphone, according to a Harris Interactive survey. Although only 4 percent of those polled have used their phones to make purchases, more than 60 percent anticipate the devices’ eventual replacement of cash and credit cards. Among the mobile payments startups scrambling to capture a piece of the mobile wallet market is Scvngr, which runs the LevelUp payment network, and ActPay, which is striving to develop a single point of sale device that will let retailers accept any mobile payment app a consumer wishes to use. ActPay founder Will Graylin notes that although mobile payments are accepted by many major merchants, they do not take every available payment option. “Until you solve that particular problem, you can’t really drive much consumer adoption,” he notes.
From “Not Paying by Smartphone? You Soon Will, Many Bet”
Boston Globe (03/21/13) Farrell, Michael B.