What’s Happening in Mobile Payments?

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Image Credit: The Strategy Group
Consumers are warming up to mobile payments for a variety of reasons, ranging from convenience (e.g., you only need to take your phone when you go out and can leave your wallet at home), to security, to the promise of better loyalty programs and discounts. A recent study found that 39% of all US mobile users made a mobile payment in 2015, which is up from 14% in 2014. It is estimated that by 2020, more than 90% of American smartphone users will have made a mobile payment. Similarly, merchants are seeing mobile payment solutions as a means to better engage with their customers, as well as streamline their operations.