A different perspective?
Most of that said revolution is driven out of the USA. We have a lot of changes and excitement coming from the undoubtedly the most innovative place in the world.
But if you consider the acceleration in that reference, we see a lot of focus on addressing markets that are already served. A revolution using mobile phones to pay in the US will take time to take place? Why? Because the USA consumers are not asking for it. They are well and happy with the current methods they are using, plastic cards for offline and wallet like PayPal online. Have you ever heard anyone in developed market saying “I would like to get rid of my wallet and not carry all that stuff with me”? I haven’t and there is a good reason why.
A revolution has to be led by customer behaviours. Today this evolution in payments is led by payments experts and companies as they lead to more convenience but the acceptance will be as fast as those companies push their own solution to the market.
The different perspective
On the other side of the spectrum, you have countries where cash is still the main king and the society and consumers are pushing their own solutions to replace cumbersome and inadequate systems.
Take a look at Kenya and mPesa: some merchants already have moved 100% away from cash and don’t accept cash payments anymore as the convenience of the new system created such an awareness of the previously used inadequate systems.
Take a look at India, where the banked population is still small, the penetration of people that can afford a Credit Card is minuscule but 60% of the population have a mobile phone and of course the entirety of the population has payment needs.
This will be my angle; looking at the revolution in payments from the really under-served markets and population and try to see how this will make a tremendous difference into daily lives of the ones that need it the most.