There used to exist a time when merchants had a choice on the types of payments they would accept. During this time, anything that was not a card payment was considered an ‘alternative payment.’
Today, mobile wallets and other alternative payments are the leading global payment methods. According to the World Bank, 45% of consumers globally use a mobile wallet vs. 18% of consumers that use credit cards for payments.
Over the last few years, the payments industry has seen a significant paradigm shift. Today, alternative payments are mainstream, and merchants no longer have a choice in accepting them if they want to continue operating at full speed.
Alternative payments aren’t a fad. They are here to stay. And, in fact, they are only going to continue dominating the payment industry.
You can read the entire article at PaymentsJournal