Ubiquity

"Ubiquity" is a popular word in payments. It is an especially relevant term for mobile payments, where ubiquity means that all brick-and-mortar merchants in the U.S. have point of sale terminals configured to accept payments via smart phones. It means that when consumers come into stores, they can make purchases just by tapping the phones on the terminals.

But if the ability for all merchants to accept mobile payments is not there, then it diminishes the convenience factor for consumers. If a shopper wants to pay for groceries with a smart phone, but the merchant's terminal is not set up for it, then the shopper gets frustrated, puts the phone away, and returns to a payment card or cash for that purchase. Maybe next time the shopper wants to pay using a smart phone but thinks better of it because of that negative past experience.

Therefore, to encourage consumers to use mobile phones to make in-store purchases, the ability to accept smart phone payments must be everywhere. Imagine a time when smart phone-enabled terminals are as ubiquitous as Lady Gaga...Ah, what a thought!