FTC backs mobile payments
March 08, 2013

Mobile technology is quickly becoming mainstream, with big brands (such as Google and Verizon) and new startups creating and using devices and software solutions that enable companies to accept mobile payments. The Federal Trade Commission (FTC) has seen the increased popularity of smartphones and tablets being used as payment services, and has voiced its support of the new medium.

The FTC recently released a statement on mobile payments, highlighting the greater prominence of the technology in everyday life. As many as 44 percent of Americans own smartphones and are familiar with the capabilities of the devices, which may suggest they are trusting of businesses using these tools to conduct transactions.

Additionally, the FTC cites another survey of 1,000 financial services providers and retail executives that indicates as many as 83 percent believe mobile payments are set to "achieve widespread mainstream consumer adoption," lending further credence to the mobile revolution. As mobile technology continues to evolve,  more consumers will become interested in taking advantage of its benefits. 

"Without question, mobile payments have the potential to provide significant benefits to consumers and businesses. Industry is experimenting with many technologies, business models and partnerships that provide consumers with new and exciting products and services," the FTC's report concluded.  

Mobile payment processing capabilities, such as those provided by Sage Mobile Payments, can help companies gain the flexibility they need to engage a variety of customers and allow them to pay using the type of currency with which they feel most comfortable. This enables businesses to secure sales they could have otherwise missed.

Nexus: G-WEBCD6