The evolution of the mobile payment

By June 17, 2016Bitcoin Business

How to join the network

It’s anticipated that there will be more than 4.8 billion individuals using a mobile phone by the end of 2016. A recent report noted that 39 percent of all mobile users in the U.S. had made a mobile payment in 2015. This is up from 14 percent in 2014 and by my estimations will in the 70 percent range by 2017.

Because of this enormous growth — and potential growth that mobile devices present — we can expect to see the mobile payments industry and startups in the space evolve to meet the growing demands of users.

To understand how big this industry is going to be, you need to understand the history of mobile payments and their evolution over time. Brief history of mobile payments

Throughout history, human beings have relied on some sort of payment system to purchase the goods or services we wanted or needed. Starting with the bartering system , humans began to use livestock, grain, shells, metal coins, pieces of white deerskin, the wampum, gold, the gold-backed dollar, charge cards, credit cards, the U.S. dollar and, most recently, electronic payments.

If there has been one consistent theme regarding the evolution of payments, it’s that we prefer payments that are convenient and transactional. These preferences began to take shape in the early 20th century with the introduction of the charge card.

Despite being first mentioned by Edward Bellamy in 1887’s “Looking Backward,” the first charge card didn’t’ appear until 1921 when a charge card was issued to Western Union customers. Soon after, department stores, service stations and hotels also began offering charge cards to customers so they didn’t have to travel to their hometown bank.

After the introduction of the Diners Club card in 1950, the credit card industry began to resemble what we’re familiar […]

Leave a Reply

All Today's Crypto News In One Place