There is no shortage of bold claims on offer in payments and commerce. The last big news was that Facebook is building its own payments rails with Project Libra (a little bit of payments history repeating for longtime watchers). But apart from the underlined-in-bold events, innovation is rolling along: More IoT devices are getting online, and the general speed of every transaction is being pushed toward “instant.” And yet, for all the forward motion, it is notable that paper checks continue to hang around, as innovations big and small often take longer to take over than anyone estimates.
Data:
70 – 80 percent: Share of firms with IoT projects in the works.
48 hours: Speed of the average payment process in Asia when InstaReM was first conceived in 2014.
44 percent: Share of bills in the U.S. still paid with check or cash.
15 months: Amount of time Facebook Credits lasted on the market.
10 years: Amount of time that has passed since the rollout of Facebook Credits.
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