Having made the jump from the banks to internet banking, monetary transactions are now leaping from desktops and into the pocket as a larger and larger percentage of people are doing their financial errands on mobiles.
Research by Juniper Research has found that the smaller devices, mobiles and tablets, are likely to overtake laptops and desktop computers and be used to carry out a “significant proportion” of internet commerce and purchases.
Juniper Research are specialists in mobile telecoms and application sector, and have undertaken a set of studies published in a report all about the marketing aspects of mobile banking and payments.
The report predicts that the annual global value of digital payment methods will rise over the next five years to $4.7 trillion (about £580 billion), almost doubling from the present value.
This is because of the higher emphasis of buying physical goods over the internet, especially with things like home delivery for grocery shopping. Furthermore, as newly industrialised countries like China and Brazil take on internet shopping in full the amount of transactions online will see a dramatic rise.
In addition, online streaming services for music and movies are ever increasing in use, and will continue to boost the scale of online purchases.
With the advent of contactless payments moving onto phones as well, cash really is becoming a thing of the past.