The UN Predicts More Mobile Payments than Credit Card Payments

by Sarah Grotta 0

Few consumers in the U.S. consistently use a mobile device to make payments, but from a global perspective, there will be more mobile transactions than credit card transactions by 2019.  A report from the U.N., highlighted in PaymentWeek suggests:

If you don’t already have a mobile payments system of choice, chances are you will in the next two years. A report from the United Nations Conference on Trade and Development (UNCTAD) suggests that no matter where you live, mobile payments will be big. In fact, mobile payments will actually be used more frequently than credit cards by 2019, if the report holds true.

Some developing countries such as Kenya support one of the most technically advanced and widely used mobile payment networks, but when mobile is not available or preferred, the next most likely form of payment is not a card, but cash:

The UNCTAD report found that even in places like Kenya, where mobile payments are indeed gaining, most users still default to cash in direct settings. Even in Egypt, a lot of e-commerce is conducted on a cash on delivery basis.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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