The need for some form of payment for goods and services was recognized very early on in the history of mankind. At first, payments consisted of exchanging resources and services that were beneficial for both parties. As time went on, financial exchanges evolved with civilization.
Here is the infographic -
From 9000-6000 BC, livestock was the main source of currency – making it one of the oldest forms of currency. Throughout the years, grain, shells and crude metal coins were used. These forms then evolved into precious metal coins and paper money. As time went on, more and more importance was placed on the consumers’ experience; this led to charge cards, credit cards, online shopping and mobile payments.
Today, the ability to offer the consumer a safe, fast and convenient experience is the mission of the mobile payment industry. The technological developments that have been made in mobile payments have come at a much faster pace than was previously considered possible.
For example, according to the above infographic by emerchantbroker.com, the US Mobile Payments Projection was revised after Apple Pay was announced in 2014 to more than $60 billion mobiles sales by 2017. This is a $10 billion increase from what the projection was before the Apple Pay projections.
In September 2014, Apple Inc. introduced new iPhones. These new iPhones, featuring digital credit cards, allowed Apple Inc. to leap far ahead of all other mobile-payment providers who have been working for years to be able to make wallets a thing of the past. Apple Pay uses sensors that enables the consumer to purchase goods and services through a simple swipe of their smartphone. In order to achieve this, Apple Inc. has worked with American Express Co., Visa Inc., and MasterCard Inc.
These new capabilities have boosted the use of mobile devices for shopping like never before. With the number of consumers using mobile payments increasing along with the improvements to the features themselves, it would seem that mobile payments are going to continue to evolve. And, in light of this new feature by Apple Inc., Apply Pay, it would seem these advancements are coming at a rate beyond anything previously anticipated.