Bethan CowperIndustry experts have been declaring every year the year of the mobile for the last decade and are increasingly predicting this device as the sole future of payments.

However, globally cash is still king. Approximately 85% of retail payments internationally use cash, while nearly 60% of all purchases of less than $25 are made in cash in the U.S.

The biggest challenge in mobile payments today is successfully identifying where this channel fits into the member value chain. If credit unions are serious about a drive toward mobile payments, they need to have a firm strategy in place to ensure success.

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