McKinsey on Payments
Source: McKinsey & Company
As mobile communication devices grow more prevalent and sophisticated, and as consumers gain comfort in their everyday use, it is time for a fresh look at how mobile payments could impact the payments industry. People sometimes use the terms mobile banking and mobile payments interchangeably, which may cause confusion. The accompanying paper discusses the development of mobile payments, which may be defined as the use of handheld electronic devices to pay for goods and services at the point of purchase. Mobile payments offer increased speed and convenience in everyday purchases and micropayments, such as those for parking and public transportation.