With millions of U.S. consumers banking and paying with smartphones every day, mobile and internet payments have become some of the fastest growing segments of our economy. Mobile and online e-commerce payments are projected to surpass $27 billion this year, a 300% increase over 2015.
So have you ever asked yourself, why is everyone so focused on the 20-year-old in-store "chip" technology?
Today, the Merchant Advisory Group (MAG) announced the launch of knowyourpayments.com, a website and campaign aimed at educating consumers about innovations in payment technology as the retail industry and its customers continue to adopt emerging technologies across the United States.
"Data shows that 34% of Americans still aren't confident about their knowledge of payments and payment systems. We're dedicated to improving that statistic," said MAG CEO Mark Horwedel. "Know Your Payments is designed to empower consumers, merchants, and policymakers to drive positive change in payments through multi-stakeholder collaboration."
As the advent of mobile payment technology merges with existing technologies, and invites new ones into the fold, it's increasingly important that all Americans become confident and informed consumers.
"The payment ecosystem in the U.S. is a very complex environment," said Dean Sheaffer, MAG Board Member and Communications Chair. He added, "while the process of dip, swipe, or click to pay can be a mystery to many, a large, complex set of stakeholders are responsible for ensuring a seamless transaction from beginning to end of the payment process. MAG is working to bridge the gap between our merchants, banks, networks, legislative champions, regulators, and other stakeholders to create an open and collaborative environment that benefits every American and recognizes that the future of payments is now.Know Your Payments is an important step in that direction."
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