New software and advances in Near Field Communication technology has changed the way we buy the things we want. Instead of cash and cards more people are using their smart phones and wearable devices. Just wave your device in front of the credit card reader and you are on your way.
In 2015 three companies pushed their mobile pay technology and really got the industry moving.
Banks around the world are also joining in. At the end of 2014 there were only 7 banks that had services supporting mobile pay and now 55 banks around the world have started programs.
In the last year Apple has been able to gain millions of registered users for the Apple Pay service and to add to that success they have launched the Apple Watch. This wearable device will make it even easier for mobile pay users and is sure to bring more attention to the industry. Last year Apple was able to ship 8.8 million watches and later this year Samsung and
Below is an infographic showing some of the details of this growing industry.
For more information on mobile pay and other topics check out our friends at Juniper Research.
