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Standardizing mobile payments

November 26, 2012

When it comes to mobile credit card processing, experts say a lack of standardization has prevented many retailers from adopting various technologies.

When it comes to mobile credit card processing, experts say a lack of standardization has prevented many retailers from adopting various technologies.

However, the editor and founder of Mobile Wallet Media, Randy Smith, says he’s figured out a way for retailers to utilize any mobile payment method, without investing in expensive technology or equipment. Rather than try to solve the problem of facilitating the connection between the mobile device and the physical POS terminal, the solution works by utilizing any mobile payment technology through a single mobile application or web site wallet software platform.

It works by enabling a mobile or digital wallet to use the payment technology of choice as adopted by any retailer. By pairing the location of a mobile device with the mobile payment technology adopted by each merchant location, a single, universal wallet is now possible. This technology makes the mobile wallet agnostic and seamless in the connection to POS systems, according to Smith.

Among some of the technologies currently being used to facilitate mobile transactions are near-field communications (NFC), QR codes and others.

Smith says his idea builds upon the system used by Square that was recently launched in thousands of Starbucks locations.
 

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