Across the US, and the world, how we pay for everyday items has evolved dramatically over the past 30 years. In recent years, our options regarding methods of payment have increased dramatically. This might soon include the option of paying with a simple wave of a hand thanks to Chicago based startup Keyo. However, as we move into the future, it appears that the US adoption of this new technology is not as quick as we might have expected. According to headlines, the US is still lagging behind with its use of mobile payment technology. Forrester Research previously predicted in 2015 that mobile wallets would become a marketing platform in their own right by 2020, expecting growing adoption, reports Payments Journal. This has not been the case and giants within this industry such as Apple have actually lost customers. Ironically, other forms of payment such as Bitcoin and other cryptocurrencies have whipped up a storm of attention, which has sent its price skyrocketing. It may be fair to assume that all the hype surrounding cryptocurrencies has drawn attention away from the potential of mobile payment technology.
Drew Sementa, CEO of Tidal Commerce
Evidently, the idea of mobile payments is not dead, it is just slow. If we give it more time it may blossom into a cultural norm that is deeply entrenched in our daily routines.
