The evolution of the mobile payment

It’s anticipated that there will be more than 4.8 billion individuals using a mobile phone by the end of 2016. A recent report noted that 39 percent of all mobile users in the U.S. had made a mobile payment in 2015. This is up from 14 percent in 2014 and by my estimations will in the 70 percent range by 2017.

Because of this enormous growth — and potential growth that mobile devices present — we can expect to see the mobile payments industry and startups in the space evolve to meet the growing demands of users.

To understand how big this industry is going to be, you need to understand the history of mobile payments and their evolution over time.

Brief history of mobile payments

Throughout history, human beings have relied on some sort of payment system to purchase the goods or services we wanted or needed. Starting with the bartering system, humans began to use livestock, grain, shells, metal coins, pieces of white deerskin, the wampum, gold, the gold-backed…

Read the entire article from TechCrunch here: The evolution of the mobile payment

 



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