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Credit card companies sign up with mobile payment platforms

February 29, 2012

Many major credit card companies are partnering with mobile carriers this week at the Mobile World Conference

Many major credit card companies are partnering with mobile carriers this week at the Mobile World Conference. With the development of mobile services, card companies may be able to offer their customers mobile credit card processing within the year.

“Mobile payments are coming. All these alternatives are good because they get the consumers, the merchants and the banks moving forward. It gets everybody talking about it and simply adds to the gravity of mobile payments becoming a reality,” said Michael Abbott, CEO of the Isis Mobile Wallet.

Currently, developers are rolling out mobile payment solutions that allow customers to pay by entering personal identification information – such as phone numbers – or by swiping a smartphone at a terminal enabled with near field communication technology.

One of the roadblocks to major deployment has been a shortage of devices that contain the technology to transmit payment information to a retailer’s credit card terminal. The teaming up of card companies with mobile manufacturers could put the technology in consumers’ hands sooner, and facilitate a transition to the new payment method. Retail stores can stay ahead of the curve by outfitting stores with mobile credit card processing equipment

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