Despite all of the attention given to mobile payments, onlined payments and credit cards, cash still accounts for 40 percent of all transactions in the U.S. and 80 percent of payments worldwide, Tim Spenny, senior vice president/global account director at GfK tells Mobile Marketing & Technology.
Spenny will emcee a panel at the 2017 Mobile Payments Conference Aug. 28-30 at the Swissôtel in Chicago, Ill.
“The evolution to digital payments is slow,” Spenny says. But in the next couple of years there will be several efforts from payments providers to make digital payments easier than ever, from the growing number of POS devices that one can increasingly find on tables of chain restaurants like Olive Garden, Chili’s, Applebee’s and others, to payments made directly via one’s car to payments through virtual reality. Additionally, those who grew up with digital payments will become a larger portion of the population.
Authentication methods for digital payments will also improve, according to Spenny.
The combination of more ubiquitous digital payment opportunities, better consumer acceptance of digital payments and improved authentication methods will lead to accelerated adoption of non-cash payment methods over the next couple of years, according to Spenny. “People will still use cash and checks, but you will see the worldwide gap [between digital payments and cash/check payments] continue to close.”
Much of that gap will close over the next two years, Spenny predicts.