New trends in mobile payments may be driving competition in both mobile development and retail sectors, and one insider interviewed on Smallbiztrends.com suggests that the industry’s profits are expected to hit the trillion dollar mark by the end of 2015. This speaks to both the rapid advancements in technology, ranging from smartphone apps to integrated cloud payment networks and the need for retailers to better collect, monitor and protect private consumer information and participate in big data analytics.
Mobile credit card processing may offer better methods of merchant fraud prevention and allow consumers better protection against identity theft. With the variety of products available from retailers like Bank of America, Google, Square and PayPal, it is clear that technology is driving the market, but it’s consumer demand that is bringing retailers on board.
App-based payment methods will probably not replace traditional credit cards and cash entirely, but it does seem like the game is changing. Companies that take advantage of big data collected from consumer spending will be able to analyze and respond to these trends so they can get a leg up on market research. Mobile payments make the entire process more integrated and user-friendly.Back To Blog