July 30 2014 Latest news:
Thursday, October 11, 2012
The founder of a Norwich-based company which is at the forefront technology to allow payment by mobile phone said he expected an exponential increase in the number of users as a new survey revealed seven out of 10 of us expect to use our phones to pay by 2025.
The survey of 4,000 people by the Payment Council found that around four in 10 Britons (42pc) believe innovations in technology will enable them to do away with their wallets by 2025.
Proxama, which is based in St James’ Mill, is working with Orange and Barclaycard to develop contactless payment technology in mobile phones.
Founder Neil Garner said: “People are using their smart phones for so many things. The logical thing is to use it for tickets and coupons. Payment is the latest big step and the most complicated one.
“It means networks, banks and retailers need to work together to make it happen.”
He said that just looking at how quickly the smartphone and iPhone app industry had grown he expected mobile payment to become mainstream sooner than 2025.
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