Aug 05, 2013 Sean Albert
Mobile payment systems are the method of the future, as consumers increasingly turn to smartphones to purchase goods and services. That being said, businesses would be wise to implement these alternative financial services to appease the masses before mobile payments take off.
At the MediaPost OMMA mCommerce Conference, an executive with MasterCard said that 85 percent of payments are still made with cash and checks, according to Mad Mobile News. The executive believes one of the reasons mobile payment systems are struggling to penetrate the market is the fact that there are so many methods available.
Despite the inability to overtake cash and checks at this point, mobile payments have been surging in popularity. In fact, Heavy Reading Mobile Networks recently revealed transaction volumes using this technology are expected to reach $1 trillion by 2015.
"Mobile payments have gone from being a cool-to-talk-about concept to a disruptive technology in a relatively short time frame," says Denise Culver, research analyst with Heavy Reading Mobile Networks Insider.
With this technology becoming more popular, retailers and other businesses alike should prepare to accept mobile payments so they don't fall behind the competition.