With the proliferation of broadband networks and mobile devices, the way we pay for things is not only changing at a rapid rate but is expected to continue to do so dramatically over the next few years.
As we begin to move into alternative payment options away from the traditional cash, check and credit card, over time people will be able to quickly and even more easily pay or get paid using their smartphones and the web. It may even become a preferred choice. Even in South Africa, alternative payment methods are continuing to develop and expand. First National Bank’s PayPal withdrawal service was recently opened to all South African banks and the launch of ZunguZ, an app developed by two local entrepreneurs, enables P2P payments inside of Facebook.
Although focussing on the Unites States, the infographic below provides insight into the trends associated with alternative forms of payment over the internet and through mobile phones. Also worth considering, are the obstacle statistics that look into why consumers are resistant to adopting mobile payment options that include concerns about security, fear of overspending and the lack of knowledge of which retailers accept it.
The infographic below explores alternative payment methods with a focus on digital wallets and mobile payments.
View the infographic after the jump.
source: Intuit
