VRL Financial News, leading provider of market intelligence for the financial services industry, announced today that mobile phones are already capable of replacing credit and debit cards as a means of transacting electronically, but mobile payments will not pick up as quickly as some are predicting because the benefits have not yet been clearly communicated to them
James Ratcliff, Editor of Cards International, comments: “According to Eurosmart, telecoms smart device issuance is forecast to grow at a rate of 12.5 percent by the end of 2011, whereas cards will grow at more than double that rate 28.6 percent. However, the volume of smart devices issued is still far greater, android phones in particular have seen an 886 percent rise in sales in 2010. Showing that the technology is there but widespread adoption is still some way off.”
