Businesses discuss the future of mobile payments
April 11, 2013

Tablets and smartphones are quickly taking over the technology industry, and business executives across the country came together to examine the benefits of mobile payment processing. 

According to Convenience Store News, technology executives met at the recent CIO/Tech Summit in Chicago and discussed how mobile payment processing is changing retail. The conference was developed as a way for businesses to debate recent innovations and issues within the industry. 

There are many important benefits of mobile payment processing, such as an easier point-of-sale experience for the consumer, and the summit offered executives the chance to tell their peers what they have noticed among their customer base. 

One participant told Convenience Store News mobile payments are a "one-time opportunity to change" the industry because they provide retailers an addition to their credit card payment processing platforms. 

Currently, mobile processing is growing in the United States, with half of consumers embracing the payment method, according to MasterCard's Mobile Readiness Index. The index also found mobile commerce is leading the three types of payment processes in early adoption among customers and businesses.

With more consumers aware of the option to pay via their mobile device, many businesses at the CIO/Tech Summit argued for embracing the platform, contending that it is the future of payment processing. A recent study by Convenience Store News reported at the conference revealed only 2.1 percent of convenience store retailers currently offer mobile processing, but 32 percent project to add the platform within the next three years.

Mobile payment processing offers increased security during transactions and allows retailers less time between selling a product and receiving compensation. The platform grants businesses more payment options for consumers and helps increase immediate sales.

Nexus: G-WEBCD4