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What will the future of money look like?
What will become of our wallets?
Predictions about what lies ahead for money are mixed. A few mainstream forecasts state money could remain a permanent feature of wallets, decline into relative obscurity or move entirely online.
You’d be forgiven for being a little sceptical about these predictions since cash has managed to cling on in our wallets until only recently, when card payments, transfers and cheques finally took over in terms of popularity. However, with the introduction of Apple Pay, and the imminent arrival of Samsung Pay and Android Pay, there is doubt as to how long cash can hold on to its place in our wallets.
Despite its evident decline, questions remain around what could eventually drive cash out altogether. The roll out of digital wallets has been fairly slow, and we’re yet to see whether they have the power to make us permanently move our money.
That said, contactless payment systems are going from strength to strength. Transport for London’s early transition to contactless was an immense success and a country-wide roll-out seems firmly on the cards.
The forecast seems fair, but to put these predictions into perspective we spoke to Head of Innovation at MBNA, Gary Watts, to get his thoughts on whether these conclusions are based on speculation or science – his thoughts are captured below.