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The Evolution of Mobile Payments [Infographic]

See how mobile payments are changing the payment landscape for retailers, banks, consumers, and others

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The Evolution of Mobile Payments [Infographic]
[ Business]

It happens to me every time I go to the store, usually at Walmart or the grocery store, the person ahead of me, usually over the age of 60, is paying with a check. The funny thing is, although it time-consumingly irritating, I understand, they are from a different era. To many people, using your bank account means writing a check or physically going to the bank to take out the money.

Now days if you go to the bank, there isn’t many customers there, and it still takes forever to get out. Why? There’s only a couple of cashiers working, at least at the teller stations. People use debit cards, pay their bills online, or, more recently, make mobile payments. In fact, many predict, with good evidence to suggest it is so, that mobile payments will become the new standard.

Now, I don’t think this is going to be the case for everyone, it’s certainly not the case for the elderly women ahead of me at Walmart, but a vast majority of us find it a lot more time-efficient and just plain easier to pay with our mobiles. Like every new payment method, there will be early adopters and big resisters, but in the end, we have what we have.

What we have today is the smartphone. This next infographic from the folks at SapientNitro.com gives us a brief look at payment methods over the years and the evolution of where we are today; the dawn of mobile payments. It’s actually pretty exciting and it’s certainly worth taking a look at.

See what they came up with:

The Evolution of Mobile Payments [Infographic]
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