Mobile payments expected to overtake credit cards

Thursday 5 October 2017 00:35 CET | News

Mobile payments are expected to overtake credit cards by 2019, says a report from the United Nations Conference on Trade and Development (UNCTAD).

This will be especially true in developed countries, while cash is still ruling in developing countries. In 2014, 51% of payments in developed countries were made with credit cards. However, that number is expected to fall to 46% in 2019.

This wont apply to developing nations, where cash is still the preferred choice. In Egypt, for example, ecommerce purchases are still cash-on-delivery. Kenya, which has seen a rise in mobile payments, still defaults to cash, as well.

However, a recent global survey by the UNCTAD found that those in Kenya say mobile payments are their preferred choice for online transactions.

China also has embraced services such as WeChat Pay and Alipay, with the latter used by 68% of online shoppers. Both services have handled close to USD 3 trillion in 2016, according to TechCrunch.

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Keywords: mobile payments, app, credit cards, report, United Nations, Conference on Trade and Development
Categories: Payments & Commerce
Countries: World
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