How Mobile Payments Are Maneuvering Closer To Mainstream In 2016

Despite the fact that mobile payments have been around for years and have continually promised a new payment paradigm, widespread adoption has failed to materialize to date. However, current trends indicate that mobile payments are finally poised to fully take flight and mature into majority adoption on behalf of merchants and consumers alike. Mobile payments are growing largely due to three factors: the EMV liability shift pushing merchants to upgrade to EMV capable terminals that use near field communication (NFC) technology, the ubiquity of NFC-enabled smartphones among consumers, and the rise of multichannel retail operations leveraging in-app purchasing.