Infographic: The Rise of Mobile Payments

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Consumers and shoppers are increasingly spending their time and money on credit cards and online shopping, moving away from cash payments and physical retailers. This infographic explores the ‘showrooming’ trend, where shoppers visit a brick and mortar store to visit and ‘feel’ and item, before ultimately buying from an online retailer – usually with the help of a smartphone.

As most Americans now have a mobile phone, consumers will start to expect and demand instant access to banking and stores. For small banks and business owners, this is both a challenge and opportunity.

The good news: shoppers continue to visit retailers.

The bad news: a growing segment is price comparing on their mobile phones and buying elsewhere.

According to Charles Tran of CreditDonkey, this “showrooming” trend is unsustainable, and the tipping point will be reached when big-box retailers go the way of the local video store.

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Infographics: Mobile Payments

 Courtesy of: CreditDonkey