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Mobile Payments Challenged by Traditional Use of Cash

  • Pymnts, Friday, August 8, 2014 1:21 PM

Payment systems globally for decades have been on a constant path in transforming traditional paper-based transactions into electronic ones, with payment cards as one of the chief drivers. More recently, mobile-based payments have done the job in less-developed countries, particularly in Africa. As a result, one might expect cash use to be on the decline, with the potential for paper currency altogether to be on its way to extinction. Yet despite all the effort to displace it, cash use has not disappeared, and it likely won’t any time soon, new research suggests.

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