The boundaries between mobile commerce, e-commerce, and brick-and-mortar commerce have virtually disappeared, and a new retail environment is forming based on the needs of connected consumers who expect technology to be integrated into nearly all aspects of their lives. The altered payments ecosystem clearly presents both challenges and opportunities for merchants and financial institutions. In order to help them better understand the consumer behaviors and expectations that are shaping the market, First Data commissioned Forrester Consulting to conduct "The Evolution of Payments" research study in August 2011. The findings illustrate the various ways in which consumers are employing mobile technology in their shopping activities, as well as their attitudes toward alternative payments and daily discounts. For merchants and financial institutions alike, the insights revealed by the study will suggest ways they can better serve the needs of their customers.