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App frenzy for mobile payments

December 6, 2012

Mobile app designers are in stiff competition to conquer the fragmented market for mobile payment solutions.

Mobile app designers are in stiff competition to conquer the fragmented market for mobile payment solutions. Many industry insiders considering 2012 trends believe that mobile transactions will gain popularity in the coming years. Meanwhile, app developers are scrambling to figure out the best ways to rise above the competition.

Online credit card processing has been commonplace for nearly two decades, but smartphones and the recent movement toward the cloud have changed the game. Designers are considering ways to draw businesses and customers to new mobile payment products, offering better integration, heightened security or rewards such as promotional gift cards. One developer has pioneered mobile services that allows for self checkout, coupling POS barcorde scanning and a scale for measuring bulk goods.

As the market is being broken up, apps are becoming more specialized. Mobile transaction capabilities may be a top priority next year when it comes to budgeting merchant services in retail locations. Cloud integration should also be considered for retailers able to rapidly upgrade technology. Choosing a service that can be best integrated with current or expected technology is central to ensuring security and reliability in processing mobile transactions.

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