Will the official arrival of a JPMorgan Chase's new mobile wallet, Chase Pay, be a new mobile payment threat for credit unions or the catalyst for new opportunities? Two experts said no.
U.S. mobile proximity payments are ready to grow significantly over the next few years, according to eMarketer. The firm reported mobile payment users totaled 23.2 million in 2015 and will triple to almost 70 million by 2019.
While mobile payments are becoming more popular, they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
