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HSBC releases mobile payment system

June 15, 2012

A major financial institution, which handles merchant services, recently partnered with mobile chip and PIN device firm eMarketer to expand mobile offerings.

A major financial institution, which handles merchant services, recently partnered with mobile chip and PIN device firm eMarketer to expand mobile offerings.

Mobile News reports that HSBC Merchant Services announced a new system working within the technology firm that allows credit card payments from smartphones. The source reports that the two firms first came to an agreement during December of last year and have been collaborating on the new system, which it hopes will streamline payment processing for users.  

“The current economic climate has resulted in increased pressure on sole traders to retain loyal customers,” HSBC Merchant Services managing director Chris Davies told the source.”By accepting credit, debit and gift card payments through smartphones and mobile device s, the eMerit device gives merchants the ability to process payments that will ultimately drive forward repeat business – quickly and easily.”

HSBC has been shifting other strategies to help increase profits and streamline operations. In May, the firm sold its U.S. credit card holdings to Capital One for $31.3 billion, resulting in nearly 1,000 layoffs.

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