Although consumers have been reticent about digital payments, new services — such as Venmo and blockchain — are making the benefits of mobile payments difficult to deny.
As digitization and mobile devices overtake virtually every corner of business, they are upending the traditional services that consumers take for granted. Think financial transactions.
Digital payments have been disrupting cash and credit cards for several years. Mobile wallets, or digital payments, enable consumers to pay for items with a smartphone or tablet using services such as Apple Pay and Google Wallet. With these mobile payments, consumers may accrue loyalty points for future discounts, or simply circumvent the hassle and insecurity of cash and credit cards. They are also compelling for lower-wage earners who don’t have credit, or for Millennials who want more flexible payment options. Despite concerns about data security risks and flimsy ROI, digital payments may be nearing the tipping point…
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