With services such as Apple Pay and Venmo, more and more people are using their phones as wallets.
The number of users of so-called digital wallets is projected to rise to 2.1 billion this year, according to Juniper Research, a 30 percent increase from the 1.6 billion users reported in 2017.
The practice is anticipated to be the norm for Generation Z shoppers.
Checkout.com North American President Peter Caparso told Retail Drive that while he does not believe the practice of paying with cash is dead, he does expect it to diminish considerably.
“Until 2007, after the invention of the phone in 1876, you were tethered to a five-foot semi-circle to talk,” Caparso said. “Now this younger generation, they’re used to the convenience and the portability of the phone, and that's translating to the retail arena."
