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Will Contactless Payments Lead To The “Death Of The Wallet?”

apple pay 2

Apple Pay. Google Wallet. Square. Softcard.

These developments in the mobile payments industry are revolutionizing both the way consumers buy products and services and how brick-and-mortar businesses can accept payment. And MasterCard is at the center of it all – giving cardholders new ways to use easy and secure contactless, digital payments.

With the advent of our recent partnership with Apple, MasterCard and Mashable explored the state of mobile payments and how businesses are embracing contactless technology. While the wallet is “not yet” dead – MasterCard and major players like Apple are making a world beyond cash more plausible every day for Moms, Millennials, and teens alike.

As a longtime pioneer of mobile commerce, MasterCard recognizes that mobile payments are not just another technology trend.

That’s why we haven’t looked back since deploying, in 2005, our own Near Field Communication (NFC) technology to turn nearly anything into an instant and secure form of payment – meaning smartphone, bracelet, watch or keyfob could replace your wallet. This year, MasterCard contactless-enabled cards and devices are available for use at approximately 2.5M merchants worldwide and the industry is thriving:

• Purchases made using a smartphone or tablet rose 48% year-over-year to $8 billion during the second quarter of 2014.
• By 2020, mobile commerce will account for more than 75% of the world’s online transactions, and more than 50% of spend.

Watch the video below to learn how contactless payments work with MasterCard.

And click here to learn more about how MasterCard Works with Apple to integrate Apple Pay.