When it comes to mobile payments, most retailers know the basics, and many are tapped into the biggest headlines about platforms like Apple Pay, Android Pay and Samsung Pay. Still, there’s more to the story than that. Although this payment method got off to a slow start, it has potential to rise up the ranks as a go-to option at the register for many people.
Nowadays, shoppers are driven by a desire for convenience and a strong awareness of security, both of which mobile payments offer. These are two reasons why Forrester predicts mobile payments to reach $142 billion by the end of 2019. At the end of 2014, that number was only $52 billion. To succeed, businesses need to give customers what they want, and as new mobile payment platforms—including smartwatches—make their way toward mainstream acceptance, shopper expectations will likely follow.
With 700 businesses accepting Apple Pay, and Android Pay claiming support from more than one million US stores, it’s clear the tides are changing. Still small businesses are lagging behind, with many remaining cash-only to avoid credit card fees. Beyond this, mobile payments still face obstacles like fragmentation and availability beyond key markets.
To learn more about the past, present and future of mobile payments, check out our full analysis by downloading our eBook “Can Mobile Payments Become the Top Way to Pay?”. 

​​What’s Next for Mobile Payments: Get Caught Up on This Growing Way to Pay

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