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Mobile payments on the move

March 30, 2012

Even though mobile payments aren't predicted to take off for the next four to six years, according to Into Mobile, some businesses have already seen the innovative method gaining traction.

Even though mobile payments aren’t predicted to take off for the next four to six years, according to Into Mobile, some businesses have already seen the innovative method gaining traction.

The explosive popularity of food trucks in metro areas like Washington, D.C. and New York City forced many owners to invest in mobile credit card payment processing devices to keep up with demand, according to Biz Tech. Red Hook Lobster Pound Truck owner Doug Povich said that approximately half of his customers pay with credit cards. 

The food truck owner adopted a credit card terminal that works with mobile devices, such as smartphone and tablets, to serve his customers. These kinds of systems might just be the beginning of mobile payments. According to the Yankee Group, purchases made with mobile systems totaled $241 billion last year and are expected reach $1 trillion by 2015.

However, the transformation still has a long way to go, American Express executives say, as reported by Into Mobile. AmEx president Dan Schulman said that payments could eventually become a purely digital experience. The traditional finance company hopes to be a key player, beating out internet companies like Google and Facebook, the source reports.

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