Payments insiders have been talking about mobile payments for some time, but consumers are just now starting to explore the option. The much-hyped release of Apple Pay, as well as other mobile payment options from major players like Google, has given visibility to the “new” technology among the masses.
Of course, consumers can possess the technology to pay with their mobile device, but it is worthless if businesses can’t accept the transaction. Today, business owners may view upgrading their payment technology to accept mobile payments as an optional “nice-to-have,” but it will quickly become a necessity as customers start making purchase decisions based on their preferred method of payment.
This infographic looks at the state of mobile commerce.