Mobile Credit Card Payments Is Ready To Hit the Market This Year
Recently, according to a report issued by CNN Money states the mobile payment industry is expected to gain a strong foothold with consumers in the forthcoming years. This is made possible by the combined efforts of financial institutions and cellular phone service providers to take on credit card debt without reaching for their wallets. In addition, credit giants like Visa, MasterCard, Bank of America, Citi and U.S. Bank are also contributing to this endeavour. They are experimenting with new versions of the technology and expected to start rolling out their mobile payment systems in the upcoming months. To cap it all, AT&T, Verizon and T-Mobile have combined with Barclay's and Discover Financial Services to launch Isis, a near-field communication payment system sooner or later. It would be particularly helpful for those, who are struggling to pay their credit card debts and due to missed payments and late payment penalties heading straight towards credit card debt settlement
Jane Cloninger, director of financial services consulting firm, Edgar Dunn and Co. recently cited to the news agency."I definitely believe that the mobile wallet will eventually replace the plastic card - but it's going to take some time because consumer habits take a long time to change" "But where before it's been a lot of discussion, we're at the point now where you're going to start seeing momentum toward it and going to see it move beyond the trials and into reality."
The report further states that a number of models of handsets containing the NFC chips necessary to complete such a transaction will be shipped this year. Google, the company behind the popular Android operating system, has already set an infrastructure in its latest operating system that allows for NFC data to be transmitted and received. The report further reveals a crucial fact that companies that handle credit card debt currently make almost no money on mobile payment systems, but the industry could be worth as much as $22 billion by 2015.
However, the greatest hindrance to this widespread adoption of digital payments would be public trust of the new technology. A number of consumer studies have found that many consumers say they are feeling hesitant of attempting to take on credit card debt using an unfamiliar system. Nevertheless, as always, the young generation of America has welcomed this new technology with open arms and in general is more likely to give it a try. To know, what lies ahead for this new venture, we all have to wait and see.
Jane Cloninger, director of financial services consulting firm, Edgar Dunn and Co. recently cited to the news agency."I definitely believe that the mobile wallet will eventually replace the plastic card - but it's going to take some time because consumer habits take a long time to change" "But where before it's been a lot of discussion, we're at the point now where you're going to start seeing momentum toward it and going to see it move beyond the trials and into reality."
The report further states that a number of models of handsets containing the NFC chips necessary to complete such a transaction will be shipped this year. Google, the company behind the popular Android operating system, has already set an infrastructure in its latest operating system that allows for NFC data to be transmitted and received. The report further reveals a crucial fact that companies that handle credit card debt currently make almost no money on mobile payment systems, but the industry could be worth as much as $22 billion by 2015.
However, the greatest hindrance to this widespread adoption of digital payments would be public trust of the new technology. A number of consumer studies have found that many consumers say they are feeling hesitant of attempting to take on credit card debt using an unfamiliar system. Nevertheless, as always, the young generation of America has welcomed this new technology with open arms and in general is more likely to give it a try. To know, what lies ahead for this new venture, we all have to wait and see.