The sharing economy developing across almost every mobile device is sharing its success with another business: mobile payment. Whether one cares for the other is irrelevant; what matters is that this relationship will usher in an entirely new era of mobile technology—potentially the quickest and most convenient way in history to make pay stores, friends, and family.
In September 1958, Bank of America issued BankAmericard, the first successful modern credit card, which would eventually get licensed out to other U.S. banks and people around the world. In 1976, BankAmericard licensees united under the common brand Visa. The rest, as they say, is history.
Occurring 50 years ago, this monumental shift in purchasing behavior was just as significant as the shifts we face now in the digital age. Are we prepared to say goodbye to plastic forever?
The phrase "don’t throw the baby out with the bath water" is an American idiom derived from a German proverb. It’s used to suggest caution when attempting to eliminate something bad, so something good is not also eliminated in the process.
American consumers are falling hard for mobile payment apps. They’re undoubtedly fast and convenient, and seem to point the way towards the future of sales transactions - but are they safe?