Cash and credit and debit cards are certainly dominant in the payment space today. Some think change will never happen, but they are dead wrong. Mobile payment is in its infancy, but the benefits are clear: simplicity, convenience, relevance, and targeted offers and rewards. No more wallets with multiple cards, just one device. And this is only the beginning.
Consumers and retailers are eager to participate. Starbucks – a market leader – already offers a popular payment app. It has now moved further into mobile payments by partnering with Square to allow mobile payment at all of its 7,000 U.S. stores. Customers may soon even be able to pay with their phones while they’re still in their pockets. With Square, a cashier can see your photo as you approach the register, and you complete the purchase by stating your name.