A new report has suggested that 2016 will be the year that UK mobile payments take off on the High Street and replace cash, checks and credit cards.
The report from PayPal, which was based on interviews with 10 senior executives from major UK retailers and other businesses, predicts that 2016 will be the tipping point for mobile payments for shoppers as an increasing number of outlets offer the service to shoppers.
This year PayPal, which is already used by Domino’s Pizza, Pizza Express and Starbucks, is expected to process mobile payments of more than $3.5 billion, almost five times more than it processed last year.
Carl Scheible, managing director of PayPal UK, said: “2016 will mark the real start of money’s digital switchover in the UK. We’re not saying cash will disappear entirely, but we’ll increasingly use our phones and other devices rather than our wallets to pay in-store as well as online.”