From back-end infrastructure to soaring consumer use to new players getting into the market, the mobile world is shaping the future of payments.
- Merchants are investing in payments experience – $1 BillionBillionto $1.5 Billion was spent for the development and installation of the systemfor paying through wristband at Disney.
- Paypal is still alive and kicking – PayPal processed approximately $145 billion in 2012. Even then, On November 23, 2013, for the first time ever,Bitcoin surpassed PayPal in average transaction volume.
- By 2020, more than 50% of all payments made in Europe will be done through a phone device, according to VISA.
Backend infrastructure and transactions for banks, inter bank and networks are unimaginably huge:
- Fedwire, the organization that handles large-scale wholesale transfers, processed 132 million transactions for a total of $599 trillion.
- Bank of America processed $244.4 trillion in wire transfers.
- The Automated Clearing House (ACH), an electronic network that batches credit and debit transactions, processed 21 billion transactions with a total dollar value of $36.9 trillion.
- The European payments council has introduced SEPA, the Single European Payments Area, to harmonize payments across Europe. The migration to SEPA compliance for all companies within the Eurozone is estimated at astaggering Euro 60 Billion a year