Mobile payments were one of the most important technology trends of 2012, and at the end of the year, it’s an important time to take stock of the major trends in mobile credit card processing. The first major trend was adoption. Although the credit card terminal has not gone away, the amount – and the types – of retailers that have implemented mobile pay solutions has increased. Mobile transactions can now be completed at chain coffee shops and taquerias, as well as big box stores, and at the same time, the number of companies that have entered into mobile transaction settlement apps has increased, showing that technology drives consumers and retailers alike.
Smartphones have been used to pay for surprising items this year, including bulldozers, antique coins and a cubist masterpiece. Retailers in shopping centers and digital marketplaces saw huge gains in the amount of customers ringing out with mobile devices Thanksgiving weekend, including Black Friday and Cyber Monday, where some payment companies saw increases of nearly 200 percent. Finally, a variety of major retailers have entered into a new initiative that would better integrate mobile payments for standardization and the ability to share discounts. These trends set the stage for the new year, which is likely to be met with further adoption and development to streamline transactions.Back To Blog