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Smartphones could be future of payment processing

November 1, 2011

One of the fastest-growing segments in the payment processing field is the emergence of the mobile wallet, which gives consumers the chance to use their smartphones for credit card payments.

One of the fastest-growing segments in the payment processing field is the emergence of the mobile wallet, which gives consumers the chance to use their smartphones for credit card payments.

Some of the biggest players to join the field have been Paypal, Google and Isis, all of which are seeking to get merchants to adopt their system. The payment model was a major topic of conversation at the recent Electronic Transactions Association’s Mobile Commerce Summit on October 25. Among the speakers at the event were some of the leaders at Visa, who said that the system needed to work well for retailers to get widely adopted.

“If the wallet doesn’t have the merchant in mind, the relationship fails,” Phil Kumnick, senior business leader for global processing at Visa Inc., told the conference. “This should be about making the merchants’ business better.”

In recent news, the Google Wallet platform received backing from Verizon Wireless and AT&T, while Isis signed deals with HTC, LG, Research in Motion, and others to allow phones to comply.

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