With the proliferation of broadband networks and mobile devices, the way we pay for things is expected to change dramatically over the next few years. We’ve come from shells and beads to paper money to the ubiquitous credit card over the course of a few thousand years.
So what’s next? Will new payment methods soon replace cash, checks and credit cards? Not right away, but over time people will be able to easily pay or get paid using their smartphone and the web. In this infographic, we explore alternative payments with a focus on the digital wallet and mobile payments. Click the infographic for an enlarged view.
Infographic by Column Five
Great infographic Sharna – if only we could have a fleeting glimpse into payments 25 years from now! I wonder what the norm will by for my daughter’s generation.
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Good morning,
Love the infographic! However, can I get a clarification on one fact. The infographic says “alternative payment industry revenue” is $740 BILLION and will be $2.7 TRILLION by 2015. How can that be? Revenue is the amount THEY make, not the amount of transactions they process, right? Considering Visa/MC combined have revenues of around $10 BILLION I don’t see how all alternative payments companies worldwide are 74 times bigger than the two biggest card networks. Maybe I’m not defining alternative payments the same? Can you point me in the direction of the Business Insight article with that information? I don’t mean to quibble, but I’d love to point to the infographic and need to make sure I understand all the facts.
Thanks so much!
Regards,
James Wester
Editor
Mobile Payments Today
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Love the infographic. It would be interesting to see how this has even evolved with the addition of services like Google Wallet, Serve, Square, etc. I am very curious to see where these types of products/services will be taking us next year as mobile continues to become the dominant form of shopping and online trends.
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Hi James,
I wanted to get back to you on your question about the alternative payment revenue that we included in the infographic. This info came from Business Insights. You can read the press release and get more information on the report at: http://www.prlog.org/11597540-recently-released-market-study-the-future-of-online-and-mobile-payments.html.
Best regards,
Sharna
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innovation is certainly going to come down heavily on many of our business transactions as far as payment is concerned and we should expect these changes to come sooner than we actually expect.
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