“Paying by phone will be as transformative as the advent of the credit card in the 1950s. It will change the way we shop and bank. With powerful smartphones and tablets taking center stage on both sides of the checkout counter, it will reshape the relationship between buyer and seller. Not only will the phone or the tablet become a wallet for consumers, but it will also turn into a credit card reader and a register for merchants. Shoppers will use their mobile device as a coupon book, a comparison-shopping tool, and a repository of those unwieldy loyalty cards they carry from everyone from giant retail chains to the corner bakery. And your smartphones will serve as beacons that will alert a retailer when you walk into its store so that it can recommend products, show you reviews, or direct you to aisle five, where that beanbag chair you didn't buy last week still beckons -- and you can now have it for 10% off. You won't even need a few singles to tip the valet or pay the dog walker, because they'll take mobile payments too.
What's in play: millions of merchants, billions of transactions, and trillions of dollars in commerce. Which is why the burgeoning revolution has already turned into a free-for-all. Everyone wants in, from big phone companies like AT&T (T) and Verizon (VZ) to the credit card networks like Visa (V) and MasterCard (MA) to tech giants like Google (GOOG), Microsoft (MSFT), and eBay's (EBAY) PayPal unit. Scores of startups have joined the fray; so have traditional banks, retailers, and makers of point-of-sale hardware like VeriFone (PAY). All those contenders are eager to know whether Apple (AAPL), which has 400 million credit cards on file, or perhaps Facebook (FB) or Amazon (AMZN), will enter the game soon. Indeed, Apple seemed to tiptoe into the space in June when it announced that the iPhone will soon hold boarding passes, movie tickets, and prepaid store cards”
Fortune
Photo Credit of Square mobile payment app
Mobile payment, also referred to as mobile money, mobile banking, mobile money transfer, and mobile wallet generally refer to payment services operated under financial regulation and performed from or via a mobile device. Financial institutions and credit card companies as well as Internet companies such as Google and a number of mobile communication companies, such as mobile network operators and major telecommunications infrastructure and handset multinationals such as Ericsson have implemented mobile payment solutions.
Posted by: upvc windows | August 21, 2012 at 10:09 AM
Your cell phone is looking beautiful and really you give a good information about credit card. Keep sharing !!
Posted by: Credit Card scams | January 01, 2013 at 11:40 PM
tip the valet or pay the dog walker, because they'll take mobile payments too.
Posted by: Mail Forwarding | January 16, 2013 at 07:41 AM
One advantage I see on paying through mobile vs cash is you can pay an exact amount same with credit card. But credit card is accepted anywhere, not every merchant has this mobile payment system.
Posted by: Credit Cards for Bad Credit | January 21, 2013 at 07:50 AM
Even with this technology, consumers need to still be wary about security breach and with this in mind, they should always be careful and mindful on where they use their card.
Posted by: Serge | January 30, 2013 at 11:38 PM
Well according to me the landscape has gone more crowded and potentially quite puzzling for the consumers as well as retailers. Everyday seems to be new and every month there’s some new announcements of another giant as Cards going after e-wallets. It’s all based on wireless technology that been endorsed by many phone makers excepting few.
Posted by: Quick Cash | February 07, 2013 at 05:25 AM