The Future of Money is Mobile

Payment methods have progressed from bartering to gold coins, paper money to cheques and plastic to touch-less payment like NFC. With each step, payment methods have become easier and more efficient to use on a daily basis.

SapientNitro recently released an infographic which shares insights into the future of mobile payments while offering a history of payments for context.

Mobile payments can be categorized into three types: m-commerce, m-payments, and m-wallets. M-commerce includes making a purchase on a mobile website through a browser, m-payments are payments made within mobile apps, and m-wallets aim to replace your physical wallet entirely.

Globally, the combined market for all types of mobile payments is expected to exceed $600 billion by 2013. This could mean big money for publishers with a mobile presence as monetization opportunities continue to move past advertising alone.

Although the convenience factor of mobile payments cannot be denied, the real question is whether or not consumers are ready to put their trust behind mobile payment technology. Consumer adoption of mobile payments remains low. This can be attributed to four primary barriers to adoption: privacy and security issues, interoperability between platforms, lack of business use cases, and lack of consumer use cases.

Future of Money Infographic

Have you made a mobile purchase recently? How was your experience? Let us know your thoughts in the comments section or join the conversation on Twitter.

  • Avik Mukerjee

    This is absolutely the future, Canada (well actually all of North America) is considerably behind in adopting this. I grew up in Australia and we have had mobile payment system since 2000. This is great, all best for your success.

  • Polar Mobile

    Avik, I agree! North America is definitely still behind several other countries in adopting mobile payments. This should be changing in the next couple of years!

  • Tip of the Iceberg » Are Canadians Willing to do All Their Browsing on Mobile?

    [...] Polar Mobile 2012-05-07 10:20:00 Avik, I agree! North America is definitely still behind several other countries in adopting mobile p … [...]