Back in 2007, Apple set off a smartphone revolution when it introduced the iPhone to market. While some industry observers back then doubted the potential of the iPhone to impact the mobile industry — let alone payments — it has nevertheless jumpstarted a smartphone revolution. Of course, other mobile phone manufacturers have since followed suit to make the smartphone one of the most popular consumer devices on the planet today.
This plethora of such devices has set into motion generational shifts in a number of industries, including payments, retailing, foodservice and travel. The increased availability of smartphones has ushered in new ways of conducting commerce and executing payments. In addition, these technological advances have ushered in a new consumer type — a connected one. Despite all the hype surrounding the potential of in-person or proximity mobile payments, remote mobile commerce accounted for 98% of mobile payments made globally in the 46 markets researched by Euromonitor International.