The way we pay is changing dramatically. For example, people are beginning to use their smartphones for every kind of formal and informal transaction — to shop at stores, buy songs online, and even split their rent.
At the heart of these changes in how we pay are thousands of companies competing and collaborating to facilitate transactions.
To understand why the payments industry has faced so much disruption in such a short time, there’s just one key thing to understand: Payments is about transferring information from one party to another, and nearly every stakeholder in the industry benefits when that process runs on digital rails.
For more on this story visit the following link: THE PAYMENTS INDUSTRY EXPLAINED
Source: Business Insider