Ron Kalifa, deputy chairman at Worldpay, Britain’s biggest payment provider, predicts how consumers will spend and how retailers will take money in 2015
Biometrics, contactless payments wearable tech are among the technologies that will transform the way we pay in 2015, spelling the beginning of the end of cash, according to Ron Kalifa, Worldpay deputy chairman.
Biometric data will begin to replace your PIN
Biometrics have enjoyed explosive growth in Asia and it won’t be long before it becomes the norm in Britain where novelty, combined with increased security benefits, mean it will have instant appeal. Security isn’t the only plus however with some retailers already using it to learn more about their customers to provide better service. All it will take is the adoption by one major bank or retailer to reach the tipping point.
Wearable tech will become a reality
Few companies are better than Apple and Google at bringing emerging technologies to the masses and the launch of the Apple Watch and then Google Wear will make wearable tech a reality in 2015. Other brands will swiftly follow suit and, with the market in wearable technology expected to be worth up to $50 billion by 2019, the benefits will soon be felt by both consumers and business alike.
Chinese payment providers come of age
One rarely discussed aspect of China’s rise as a global powerhouse is the growth of payment providers such as UnionPay, Alipay and TenPay. The first of these alone has over 3.5bn cards in circulation and, as China continues to grow and its citizens travel the world – 7m Chinese tourists set to visit Europe alone next year – the influence of the these companies will grow with it, making them a viable payment method to rival their more established western competitors.
Contactless will leave cash in the shade
We’ve seen a rise of over 150% in contactless transactions over the last six months and it’s a trend that isn’t slowing down. In businesses with lots of transactions and where queues can build-up quickly contactless is already considered a no brainer and, with the limit on payments increasing to £30 next year, 2015 could be when contactless becomes second nature for British consumers.
Smartphones will begin to replace your wallet
With the number of smartphones worldwide predicted to grow to 5.6 billion by 2019 the only surprise is they have taken this long to impact upon the world of payments. Transactions through mobile digital wallets will reach $1.5 trillion by 2017 and the use of Near Field Communication in mobile phones, in particular Apple Pay and Google Wallet will be instrumental in this growth.