Mobile Banking Is Catching On

As digital payments grow globally, U.S. companies arequickly adapting to the new world order.

- Marty Swant

Last week, PayPal, the payments platform, announced plans to sponsor three sports teams—the Phoenix Suns, Phoenix Mercury and the Spanish soccer team Real Club Deportivo Mallorca— as part of a broader strategy to overhaul three stadiums with mobile payment systems. The promise, according to Phoenix Suns CEO Jason Rowley, is “to create the most efficient and seamless experience as possible.” That could mean less time in line buying a jersey or ordering a hot dog without taking out your wallet.

“It’s not about changing consumers’ behavior; it’s about meeting them where they are and where they want to be,” said Robert Clarkson, PayPal’s gm of North America. “The consumers are already experiencing something like that in some aspect of their life, and now you’re making it available in the sports arena.”

While credit cards are still king in the U.S., the use of mobile payments is growing as companies including PayPal, Apple, Samsung and Google have integrated their mobile payment technology into everything from phones to watches. Meanwhile, banks— seeing the changing landscape— have been forging partnerships or making their own tech to get ahead of changing consumer habits.