As per a report by United Nations Conference on Trade and Development people in future will pay for all goods & services via their mobile phones instead of credit cards.
In 2014 credit cards became the primary method for payments. 51% of payments were through them. Though this percentage is expected to go down to 46% by 2019. The reason for this is that new easier methods are being introduced to pay. People can now easily perform all financial activities through their phones. Now this specifically for developed nations, not the developing ones. The developing nations still use cash to pay for everything.
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In countries like Egypt, Pakistan people still prefer cash-on-delivery method. While in Kenya people use mobile payment for online transactions.
Now if you want to imagine how just relying on mobile payments would be like, China is an example. As the country has openly welcomed WeChat Pay and Alipay, mobile payment methods.
In the upcoming years, another technology called blockchain technology will be used for inter-country payment. This will be cheaper as no bank fees will be deducted. Right now it needs to be made more secure and reliable for more people to adopt it.
It’s amazing how fast technology is advancing. One innovation is replaced by another. In no time a discovery becomes history. An achievement replaced better accomplishment. Credit cards are just a few years old, but they might die soon.