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The Case for Mobile Payments

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Payment Evolution    The method of how we pay for goods and services has come a long way in the last few centuries. There has always been a need to exchange goods and services, but the medium of exchange has continuously evolved over time. We used to use things such as ivory, grains, conch shells (all hail the Magic Conch), clay, and even live animals, but luckily today we have many options for our preferred method of payment. We can choose from cash, credit cards, debit cards, checks, coins, and most notably our phones. Having the ability to be able to pay for things without even needing to carry around a physical wallet is what's spurring rapid growth in the mobile payment industry.

   Throughout history, the number one factor driving the evolution of payments has been convenience. Using tangible goods that represented currency such as grains, ivory or livestock factored out inflation, but it was a pain to carry these goods with you at any time you wanted to make an exchange…