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Study looks at mobile payment sector

August 10, 2012

Though many experts have predicted that mobile payment usage will grow significantly in the next few years, some say that it may be difficult to change a swiping process that has become a way of life.

Though many experts have predicted that mobile payment usage will grow significantly in the next few years, some say that it may be difficult to change a swiping process that has become a way of life.

In a recent report Forrester Research senior analyst Denee Carrington said that while many firms were working to create the best new technology for mobile credit card terminals, many found that current process to be suitable for need.

“Neither consumers nor merchants are struggling with the swipe mechanism of traditional card payments, leading many to wonder if mobile digital wallets are a solution in search of a problem,” Carrington wrote in the  “Why Digital Wallets Matter” report. “The real promise of digital wallets lies within their ability to facilitate payment (mobile or otherwise) while simultaneously enabling smarter, more efficient commerce through delivery of value-added services.”

One of the companies looking to take advantage of the growing trend is Google. The California-based company said that its Google Wallet program would be made available for customers of all major credit card companies.

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