On Trend

trendwatching.com scans the globe for the latest emerging consumer trends. Here, Henry Mason, head of the company's research and analysis, tells us what to watch this month.

Featured January 12 Words by Henry Mason
On Trend

GOODBYE WALLET

The words "cashless society" are music to the ears of anyone who hates cashpoint queues. While coins and notes won't be totally phased out any time soon, of course, most businesses are hoping to cut costs by introducing electronic transactions - meaning tapping and swiping are the new rummaging and jangling.

Smartphones will be central to cashless payments and big brands lead the way: Starbucks processed more than 20-million mobile payments by the end of 2011, while PayPal now allows people next to each other to transfer cash via their phones.

Stateside, more people are using Google Wallet - tapping their mobile on terminals to pay, and gaining loyalty points and vouchers for using the service. In the UK, Transport for London's Oyster card makes use of this technology too, and Germany's Deutsche Bahn trains are adopting a "touch and travel" scheme right across the country, with passengers scanning barcodes with their smartphones to pay for journeys.

Convenience is the main sell, but with loyalty points, saved purchase history and personalised deals thrown in, having an empty wallet has never been more rewarding.

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