Phone, wallet, keys. We mutter it each time we leave the house. Increasingly though, we are reliant on our “digital wallets”, making this mantra matter less and less. They store virtual versions of bank cards, so you don’t need to enter your details or to have a physical card to make payments.
The sector is growing exponentially. By 2027, virtual bank cards are expected to make up half of all online retail spending in the UK, worth £203.5 billion, according to new data from WorldPay. When spending in shops, paying with a card on a device such as a phone is expected to almost double from 14 per cent to 29 per cent.
The space is being shaken up this year by a European competition
