Mobile smart phones are now ubiquitous and that connection to the internet, always on, is changing many of the things we do. Many readers have heard of the term "mobile wallet" that indicates digitizing all of those things we carry around in our wallets every day. Credit cards = mobile payment. Boarding Pass = eBoarding Pass in your mobile wallet. Etc.
The payments space is seeing an enormous influx of new methods, new ideas, new companies, and old companies trying new ideas. Yet many people still carry cash and use it as their primary method of payment. Changing such core habits can be slow. It took 27 years for debit cards to reach 50% of payments. How fast will mobile payments grow?
Not too fast at all if this study is accurate:
http://www.pymnts.com/commentary/if-cash-isn-t-dying-can-electronic-payments-grow/
This points to a question of perspective. If I stated you'd only expect to lose 10% if you continue on your current path you may not be inclined to act. However if you ask what would you do to see a 10% return on your investment the story might change a bit. Mobile payments are here to stay though their final form may be many years off, and I don't predict the death of cash even in this century.
Happy reading,
J.W. Gant
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