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.