BRIEF: A Mobile Payments Revolution?

BRIEF: A Mobile Payments Revolution?Like the mobile biometrics revolution, the idea of mobile payments was initially met by a little bit of skepticism, with some wondering why consumers would want to abandon the payment cards and cash that they’re used to. Also like the mobile biometrics revolution, the mobile payments concept was really spearheaded by Apple, with its Apple Pay platform; and just as Touch ID spurred the development of a plethora of imitators, we’ve seen Samsung Pay, Android Pay, and a host of other such services emerge in the trail blazed by Apple Pay.

Of course, the mobile revolution really did totally transform the mobile sector, while mobile payments are still relatively niche in the mass market. So is it reasonable to expect mobile payments to see the same kind of trajectory? It’s probably too early to say, but there are many signs of maturation in this young FinTech sector. Here are some of the latest:

The major mobile payments platforms are seeing substantial growth:

Apple Pay Gets More Supporters in US and Abroad

PayPal Reports Booming Business On Mobile

They’re also starting to fill in the gaps after their initial rapid expansionary phases:

Samsung Settles Dispute with Korean Theater Chain, Reviving mPayment Support

Apple Pay Coming to Brazil This Year

Meanwhile, other firms are starting to see the advantages of mobile payments, too:

Visa Punts Cash Free Contactless Payments to Minneapolis Merchants For Super Bowl LII

Mitek Helps Cryptocurrency Payments Platform to Improve Onboarding, Comply with EU Regulations

And payment functionality is increasingly finding its way into wearable devices:

Visa to Bring Wearable Payment Devices to Winter Olympics

NXP Tech Helps Secure Wearable Payments on Garmin Fitness Trackers

ANZ Backs FitPay Wearable Payments

Mastercard Introduces Contactless Payments Via Smartwatches

It’s even showing up in smart cars:

Gentex to Showcase Iris-Based Driver Recognition, In-Car Payments at CES 2018