Once, commerce was driven by the exchange of goods (barter), or by money that “clinked.” Then came paper money, letters of credit, checks, central banks, credit cards, ATMs, interbank transfers and online banking. Now the payments industry is well into yet another major transition: the rise of digital payments. In fact, according to Visa’s 2016 Digital Payments Study
, global consumer adoption of mobile payments has tripled in the past year; with Turkey, Denmark and Norway noted as the top three markets for mobile payment users. The volume of transactions from apps that enable digital payments is also projected to grow at 10% this year (Capgemini
), coming at three times faster than estimated global growth rates of around 3.4%
. And Worldpay’s latest report
predicted that eWallets will overtake credit cards as the most popular form of payment by 2019.