Visa Europe Expects Mobile Payments To Triple By 2020

If Visa Europe has a say in the matter, most of us will be using mobile credit card payments within 18 months from now. While credit card payments are convenient for the consumer, they also bring quite the security risk to the table in terms of chargebacks, fraud, and cards being misused. Bitcoin is another payment method that has been available on mobile devices for quite some time now. Which one is most convenient? Let’s find out.

Using Your Mobile Phone for Daily Payments

It has to be said, paying in a store or at a cafe with your mobile device is quite exciting. Rather than taking out your wallet, fumbling with cash or trying to determine whether or not this place accepts credit cards, all you need is a smartphone or tablet. And in this day and age, most of us are carrying a smartphone on us most of the time.

According to a recent study conducted by Visa Europe, one in four Brits expects to use their mobile phone for daily payments by 2020 at the latest. If that target would be achieved, that would triple the number of people using their mobile device for payments on a regular basis, compared to one in twelve Brits doing so today.

So far, most mobile payments are micro-transactions. Paying a small amount with a mobile device is easier compared to a triple-digit amount. That being said though, the average Brit – according to Visa Europe’s research – is spending 17 GBP per week through a mobile device. That amount is expected to increase by as much as 60% over the next five years.

One in four respondents has high expectations of taking mobile payments to the next level. In fact, they see no problem in spending up to 50 GBP – or more – on a weekly basis using their mobile phone. And with more and more countries seeing a steady decline in the number of cash payments, those projections might not be far off.

“When it comes to money, concerns over control and security are understandable, although, a simple lack of knowledge is often an underlying cause and consumers are quick to see the benefits of convenience. We’ve seen this with contactless card adoption – once people learn about the technology, see others using it and get used to paying with it, usage soars.” – Visa Europe’s Executive Director of Mobile Jeremy Nicholds told DigitalMoneyTimes.

The Future of Mobile Bitcoin Payments

That last quote is of particular interest to the Bitcoin community, as even Visa Europe sees the hurdle of technological advancement in a proper perspective. Education on new technology is a key element if we want people to embrace this cashless revolution, and it may very well become a race between the current financial ecosystem and the new age of digital currency.

Bitcoin is a concept that is rather difficult to explain to most people because we have been going at it all wrong. Many industry experts talk about the unbanked, the underbanked, and how Bitcoin can be beneficial to the merchants. All of that is certainly true and valid, but if there are no customers who want to use Bitcoin, what is the point?

Mobile payments have been used by digital currency enthusiasts for years now, which is another indication that Bitcoin was “ahead of its time” in terms of technological advancement. But now that the current financial sector is slowly catching up, there is no better time to advocate Bitcoin and its benefits to the everyday consumer.

Source: FinExtra

Images courtesy of Visa, Shutterstock