How people pay around the world and what it means for the future of payments

How people pay around the world and what it means for the future of payments

The US card payment system involves a series of middlemen taking a cut. Digital systems, like those used in China and Kenya, could threaten banks and other players.
Payments systems vary across the globe, from cash-based economies to those driven by credit. The way consumers pay in the US, for example, might seem obsolete to consumers in other countries.
In Kenya, anyone with a mobile phone — smartphone or not — can use M-Pesa to send money, pay for things, and access credit. The service is used by almost all adults in the country. Read more…