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Smartphones expected to be adopted in next few years

November 9, 2011

According to one recent study, nearly half of smartphone users are open to the idea of using their devices for merchant services.

According to one recent study, nearly half of smartphone users are open to the idea of using their devices for merchant services.

The Parks report found that near field communication will become a standard part of internet-connected phones over the next few years. It also found that consumers in Generation Y were already using their phones to figure out where to find the best deals. Many within the research firm said that, based on the adoption rates, it is only a matter of time before people used their phones in lieu of wallets.

According to those who formulated the report, the future is bright for the industry.

“[T]he convenience of e-Wallet solutions, eliminating the need to carry multiple or any credit cards is driving the majority of consumer interest,” said Harry Wang director of the Parks and Associates mobile research arm.

Mobile payments were a major topic of conversation at the recent Electronic Transaction Association’s Mobile Commerce Summit on October 25. Speakers included representatives from Visa and other major firms.

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