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Expert: Many ISOs failing to adopt mobile payment systems

June 28, 2012

Despite the fact that mobile payments continue to gain popularity, many international standards organizations (ISOs) have failed to offer the transaction method, according to industry experts.

Despite the fact that mobile payments continue to gain popularity, many international standards organizations (ISOs) have failed to offer the transaction method, according to industry experts.

ISO and Agent reports that many firms are falling behind the mobile trend thanks to a lack of knowledge and fears about competitors. The source reports that a number of different ISOs have failed to notice the industry changes and that the current swipe systems would not meet the demands for merchants in the near future.

“Mobile is growing and here to stay, and it’s not just delivery drivers and farmers’ markets anymore,” said Heather Mickelson, president of Go Mobile Commerce, in an interview with the site. “It’s now in the retail and restaurant arenas. Agents only selling a standalone credit card machine are doomed. Merchants realize that far better and more affordable mobile technologies are available.”

According to a report from the Yankee Group, mobile credit card processing is expected to total $1 trillion by 2014, significantly higher than the $162 billion total achieved in 2010.

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