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The power dynamics in the payments industry are changing as businesses and consumers shift dollars from cash and checks to digital payment methods. Cards dominate the in-store retail channel, but mobile wallets like Apple Pay are seeing a rapid uptick in usage.
At the same time, e-commerce will chip away at brick-and-mortar retail as smartphones attract a rising share of digital shopping. Digital peer-to-peer (P2P) apps are supplanting cash in the day-to-day lives of users across generations as they become more appealing and useful than ever.
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See Also:
- Wells Fargo will no longer accept auto loan applications through independent dealerships
- Vulnerable populations may be at risk of not being able to access funds they need amid the pandemic
- Elfin Market prepares physical credit card launch
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