The Motley Fool – Mobile payments will eventually replace credit cards. The dynasty of credit card companies is coming to an end. So says CEO Michael Corbat ofCitigroup Inc. (NYSE:C), the world’s largest provider of credit cards. In an exclusive interview with The Australian Financial Review, Corbat said, “We know, at some point, cards are going to go away, and it’s just going to be digital wallet, digital payments.”
That type of pronouncement by an industry leader in credit cards confirms a trend that many had already recognized — digital payments are the wave of the future, and the future is arriving more quickly than you might think. In a recent survey, 64% of consumers reported having made a mobile payment in the past 12 months, and the total transaction value of digital payments is forecast to top $738 billion this year.
New research from Boston Retail Partners reveals that 36% of North American retailers accept Apple Inc.‘s (NASDAQ:AAPL) Apple Pay, more than any other payment system. Another 22% say they plan to accept the iPhone-maker’s payment solution with the next 12 months.
Read full article: Guess Which Digital Payment Method Is Most Popular (Hint: It Isn’t PayPal)