There are plenty of alternative payments to cash, debit and credit cards, but it will take years of development for widespread consumer adoption. Vendors hope mobile payments, for example, will provide a cashless and cardless payment choice, while other solutions are being developed.
"As technology drives a shift in how we buy things, the revenue that the payments industry extracts could grow to more than US $2 trillion a year by 2023, double the 2013 figure, the Boston Consulting Group predicts," noted "The Future of Money" report from MIT Technology Review. "Much of that increase will come from a reduction in cash payments in developing countries."
The US mobile payment will expand from $52 billion last year up to $142 billion by 2019, the Forrester Research analyst group predicts. Consumers have smartphones and the ability to use mobile payments, but it's still going to take time to build trust and confidence.
Apple Pay is expected to greatly boost mobile payments in the United States, and may help show customers the benefit of alternative payment options.