Mobile payments expected to take off

Contactless payments may be the future, but cash and plastic cards aren’t disappearing just yet, according to experts.

But mobile payments are expected to increase in popularity, with such methods of payment expected to be widespread within four years.

Dr Phillip O’Reilly, a lecturer with UCC’s Financial Innovation Centre, said research indicated consumers were satisfied with payment options available to them, and anything new would need to demonstrate a consumer benefit.

“There is room for multiple payment technologies. Contactless payments will be national policy,” he said. “For consumers, mobile commerce is still fragmented. There is a lack of standards and a lack of real value propositions.”

Dr O'Reilly was speaking at a conference held by AIB Merchant Services, a merchant acquiring joint venture between First Data Corporation and AIB, on the future of payments. - CIARA O'BRIEN