Tech Trend for 2015: Paying With Your Smartphone

January 13, 2015


Paying with a smartphone instead of a credit card will be the biggest tech trend in 2015, as predicted by Deloitte, one of the 4 major financial services firms.

It will be a long while before consumers give up their wallets for smartphones, and 2015 will not be the year paying with a cell phone goes mainstream, but it will definitely be the year more retailers, banks and telecom companies start to offer this service.

In addition to the financial industry joining the party, smartphone manufactures will be releasing more and more models with this feature.

Deloitte estimates that in 2015, 5% of the world’s 600 million smartphones will be used for an in-store purchase at least once a month, which is 1,000 more purchases than last year.

Further, by the end of 2015, 1 in 20 smartphone users will have used their cell phones for payment.

Speed is definitely the most attractive aspect of paying with a smartphone for both consumers and retailers. How quickly this trend becomes mainstream will largely depend on how quickly retailers adopt this new technology.

They absolutely wish to see their shoppers paying by swiping their phones instead of counting cash or typing in their PINs, so we can all expect this method of payment to only grow in popularity.