Beware people at PayPal, Your dominance in person-to-person payment is now threatened. You now have competitors in Google wallet, visa and AMEX Serve, to name just the major ones.
Mobile payment market is expected to grow to $640B by 2014 and big companies are working hard towards grabbing the largest pie of it. Advent of technology coupled with few fresh ideas resulted in mushrooming of start- ups in digital payment landscape.
Companies with big fat wallet were quick to notice this opportunity and grabed the most potential ones. American Express grabbed a company called ‘Revolution Money’ and after the amalgamation the product, which went live in March, is called ‘Serve’.
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