In the 1993 hit 'C.R.E.A.M.,' Wu-Tang Clan's Raekwon rapped "Cash rules everything around me," but according to a new infographic from Visual.ly, mobile payment methods are becoming increasingly electronic. This doesn't mean cash has no place in society anymore though. In fact, predictions about the growth of mobile payment methods underestimated the public's attachment to cash. As a result, the move away from cash and plastic is taking longer than expected.
Mobile as point of sale leads the way among the four categories (others include contactless payment/NFC, direct carrier billing and online wallets) with 670 billion dollars in transactions estimated by 2015. Online wallets like PayPal are also a major player bringing in 350 million dollars every day. There is also direct carrier billing which essentially lets you buy a product using your mobile phone account. The charges show up on your phone bill at the end of the month.
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Mobile Payment Methods Infographics
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