Archive for March, 2013
Paying with credit and debit cards or via mobile wallet is great for the consumer: pick the product, swipe and they’re on their way. No fumbling for change necessary, no impatient customers waiting behind them while they count out the right amount.
In March, the Federal Trade Commission’s Division of Financial Practices issued a report on mobile payments. The report cited a survey of 1000 financial services, technology, telecommunications and retail executives which showed that 83 percent of respondents believe that in the next two years, mobile payments would “achieve widespread mainstream consumer adoption.”
Although the phrase “cash is king” rings true for many, the reality is, cash has been losing its influential grip for more than 50 years. American Express introduced its first plastic credit card in 1959 and within five years, more than a million cards had been issued. And as experts predict the rise of mobile payments, some are whispering that the era of cold, hard cash may be coming to an end.