Five billion people will use the Internet through their mobile phones by 2025, covering more than 60 pct of the global population, according to GSMA analysts’ forecasts presented during the Mobile World Congress in Barcelona.
Currently, around three billion people are making use of the Internet through their smart phones. Analysts attribute this rising trend to the fact that prices of smart phones are falling, easier access to high-speed Internet and an increasing subscribers’ base in mobile telephony which is expected to reach 5.9 billion people worldwide by 2025.
This rapid growth in broadband services, combined with the development of Internet of Things is offering a huge boost to digital payments. Bill Gaida, Visa Europe’s vise-president, told Athens News Agency that in cities such as London, one can make all his daily payments electronically using their mobile phones, without the use of cash or even credit or debit cards. Gaida said that the development of IoT, combined with innovative ideas implementing in the payment sector is drastically changing the payment sector and will have massive applications in the next few years. He referred to cooperations between Visa with large auto industries leading to the production of cars with integrated smart payment solutions and transport organisations.
Nikos Kampanopoulos, Visa general manager for Greece, Cyprus and Bulgaria, told ANA that digital transactions in Greece have quadrupled in volume in the last two years and have tripled in value in Greece, while intact transactions account for 20 pct of total transactions. He noted that transactions using credit/debit cards are currently used for small sums and underlined the significance of digital transactions in combating tax evasion in the country.
Nelli Tzakou-Lambropoulou, managing director of retail banking in National Bank, told ANA that National Bank is becoming the first bank to introduce new products in the Greek market such as the I-bank pay band in cooperation with FF Group and Visa and said that the bank plans more surprises during the year.