Mobile phones are an extension of us. Sound extreme? Take a walk around any public place and look at how many people have their phone in their hand. It’s pretty staggering. And since we rely on our smartphones to operate day-to-day, it would only make sense that eventually we would also rely on them as our primary payment method.
In fact, if you think about it, we are already using mobile as a primary payment form for various exchanges. We make purchases on shopping apps like Amazon, pay our friends back on apps like Venmo, and handle finances on banking apps. The missing piece to the puzzle? The wide adoption of mobile payment for in-store transactions. That’s quickly changing, though, as many companies have the foresight to recognize not only the shift in consumer preference, but the benefits mobile payment has to offer their bottom line.