Many have complained that mobile payment technology is simply making things more difficult. The reality, though, is that mobile payments are the wave of future for the upcoming generation and those complaining are probably just too old to get the point of the new technology.
Market research has suggested that cash and checks just aren’t working among teens and the younger demographic and lots of companies are trying to get to the top of the new payment technologies pyramid.
For now, the move toward mobile payment is focused on teenagers in North America who have difficulty with cash and checks in social settings. For example, when dividing utilities among five roommate or buying concert tickets for a group, this type of payment can be tough.
Serve, by American Express, is one new forefront in this market. Serve just linked themselves with Ticketmaster, creating a way to hold concert tickets for a period of time and have people log in with their phones to pay for their tickets. It’s this kind of innovation that could change the market.