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Credit card firms want widespread mobile payment adoption

October 14, 2011

Many of the leading credit card industry firms have been implementing mobile payment processing strategies, hoping that consumers will adopt the method.

Many of the leading credit card industry firms have been implementing mobile payment processing strategies, hoping that consumers will adopt the method.

Industry leaders recently came together at the CTIA Enterprise and Applications conference, where American Express executive Dan Schulman stated the importance of widespread industry adoption, according to multiple sources. Multiple sources note that credit card companies would likely benefit from wider usage, based on the fact that people would have more ways to complete merchant services.

Other industry insiders agreed with Schulman, saying that in the not to distant future, relatively few people would be paying for goods or services without cards.

“We’re moving to a world beyond cash,” said Ed McLaughlin, Chief Emerging Payments Officer at Mastercard. “I do think this is execution against an inevitable.”

One of the most popular new mobile service providers is Square. The company recently had $100 million of new investments made in its technology, which attaches a device to mobile tools and allows cards to be swiped.

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