Evolving Dynamics And Supervision Behind The New Payment Methods

In an increasingly globalized world where the consumer habits manifest changes almost on a daily basis the payment mechanisms have to keep abreast with such rapid developments. A world where the conventional methods of payment based on physical exchange of papers such as banknotes or checks are being replaced by paperless payment methods based on digital proceedings is a world where new payment mechanisms have to evolve constantly. In 2013 almost USD$ 1 billion worth of transaction took place only by proximity mobile payment methods. The figures are expected to grow exponentially to reach USD$ 20 billion in 2016. Currently small scale purchases like habitual daily coffee consumption consists the majority of the transactions that are taking place by the mobile payment methods. However the future prospects point a trend toward more substantial purchases like consumer electronics spending.