The Mobile Wallet

by Banking.com Staff May 16, 2011   Insights

Mobile technology is changing the way consumers and businesses process payments. From smartphone apps that allow you to process payments, to depositing checks via your mobile device, it’s increasingly easy to rely on a phone as your wallet.

CreditSesame.com posted an infographic posing the question, “Will Smartphones Replace Your Wallet?” The infographic outlined interesting stats about the future of mobile payments, including:

  • The value of purchases via mobile phones is expected to increase at a compound annual growth rate of 68% between 2010 and 2015.
  • Spending via Smartphones is expected to reach $214 billion by 2015.
  • Paper money is on the decline. Over the next five years, cash use will decrease by $200 billion in the U.S.

To view the full infographic, visit CreditSesame.com.

How do you see mobile payments changing the banking industry? Let us know in the comments section below.

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