Mobile credit card processing is no longer a sci-fi, technological dream. The future is now and the future is bright.
Near field communications will be a popular buzzword in 2011. NFC allows the exchange of information through compatible devices, such as smartphones, through a wireless transmission from a short distance. AT&T, Verizon and T-Mobile have been inching closer to technology that will allow their customers to use cell phones for payments, says the website Credit Card Processing.
"Today, the possibility that this technology could replace a wallet full of plastic seems not only likely, but imminent," writes Sarah Kessler, a contributor for the website Mashable.
The PayPal Blog reports that mobile bill payments will reach $214 billion in gross dollar volume in 2015, increasing from the $16 billion in transactions in 2010.
Mobile payment processing will also evolve for merchants, as new technology allows smartphones and tablet computers to have interactive communication with credit card companies.
Square and Intuit's GoPayment systems can turn iPhones, iPads, iPods and Android phones into credit card terminals. According to the website Fast Company, the mobile point-of-sale market was valued at $1 billion in 2010, but will leap to approximately $55 billion by 2015.
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