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Who is gaining traction in the mobile payment industry?

James A. Martin | July 15, 2015
The first credit card, dubbed "Charg-It", was introduced in 1946. It took another 13 years for the first plastic credit card to arrive on the scene when in 1959 American Express introduced the first card made of plastic. Adoption of new technology takes time, especially when it comes to separating people from their money but we are starting to see traction in this space.

In fact, it's already happening. Research firm eMarketer says mobile wallets are "especially popular for smaller-ticket purchases" and cited a recent study showing that 84 percent of consumers are "open to using their smartphones to pay for small and medium purchases like a latte at Starbucks or a new set of sheets. It'll take a little more time for consumers to feel comfortable purchasing larger ticket items -- for example, a luxury good or furniture -- with a smartphone. One thing at a time."

Editor's note:  Traction Watch is a new column focused obsessively on growth, and is a companion to the DEMO Traction conference series, which brings together high-growth startups with high-potential customers. The next DEMO Traction will take place in Boston on September 16, 2015. Growth companies can apply to present, or those similarly obsessed can register here to attend.


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