Following the predictions made by the British public that include the UK becoming a cashless society within the next two decades and clothes being connected to the internet, this infographic from Wirecard and Statista takes a detailed look at the rise of the Internet of Things from various angles and tracks the increasing amount of cashless transactions being made.
Key takeaways
Contactless transactions just keep going up. Obviously that’s not surprising, and will become even less no that they officially went mainstream in 2015 in the UK, but in the context of Europe, there is still room for staggering increases. Wire card and Statista say that contactless payments in Europe will surge eight-fold from 1.39 billion transactions in 2014 to 12.17 billion.
Automation of payments: The infographic suggests we will see things like cars that are able to pay automatically for parking fees and tolls and cashless payments will come in handy in 203o when the number of people using automated driving car-sharing services will hit 400 million people worldwide. Which will lead to:
New point-of-sale for in-car entertainment: The $1.4 billion in-car entertainment industry will surge to a whopping $6.5 billion by 2020.
In-home purchases: Investment in smart-home technology will grow by 29% in the next four years, from $15.6 billion to $42.9 and global connected home device shipments will grow at an annual rate of 67% until 2019.
Smartphones will dominate: with global penetration rising from 43.7% to over half (55.8%) whilst wearable device shipments are expected to reach 110 million this year and more than double that (237 million) by 2020, according to Wirecard and Statista.
How Well Do You Know: Payment Acronyms? [QUIZ]
Whitepapers
Related reading
Open Banking: Going from regulatory mandate to global scale
Building the infrastructure to make open banking possible Open banking means different things to different people, but one thing is sure: it ... read more
Pandemic boosts P2P platform use
By Shari Krikorian, senior vice president, Mastercard
Cash must remain an option despite pandemic, industry bodies state
Cash is facing a steep decline as coronavirus concerns have prompted a rise in contactless payments, yet industry leaders maintain that cash ... read more
Tech innovation vital for mitigating airline crisis
The airline and travel sector’s coronavirus crisis may spark tech innovation in the industry, market participants predict. Customers will look to travel ... read more