Singapore, Canada, the United States, Kenya, South Korea, Japan and the United Kingdom are among the countries where mobile payments are poised to get traction, according to Business Insider.
The index measures the ability to completely replace use of credit and debit cards with mobile devices. But each of the countries ranks high in terms of readiness for different reasons.
Access is where Singapore shines. It has 100 percent mobile coverage, while 70 percent of the nation’s residents have internet access and 68 percent own a mobile phone.
Canada, according to MasterCard, has the best cooperation among mobile networks, financial institutions, and government agencies. Plus, Canada is the global leader in Internet penetration with 82 percent of consumers online.
The United States has the most mobile-payment potential, in terms of household spending per capita, at $33,000, the highest in the world.
Kenya already has 68 percent of residents frequently using mobile payments, more than in any other nation.
South Korea is notable because Koreans use mobile payments to transfer money between two individuals about three times more often than they do to make point-of-sale purchases.
Japan has potential because, on average, each person in Japan has 14.98 credit or debit cards, creating a huge opportunity for displacement.
The U.A.E. is the global leader in business adoption of new technologies.
The United Kingdom makes the top of the list because of its extremely high household mobile-phone (85 percent) and Internet penetration (80 percent).
Saudi Arabia has potential because more consumers who use mobile payments are making point-of-sale purchases in Saudi Arabia than in any other country.
China potential comes from its sheer population size.
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