Mobile payments industry overcomes various challenges
January 31, 2013

Consumer behaviors have shifted rapidly in recent years, largely driven by the proliferation of advanced technology and younger generations becoming the biggest spenders in the nation. Mobile payments are quickly becoming the preferred transaction method among consumers, while credit card and debit cards are also experiencing growth as cash begins to become antiquated.

Mobile Payments Today recently reported that the mobile payments industry does have a variety of impediments to overcome before it can reach its strongest possible performances. One of the simplest challenges the industry faces is finding a way to pitch the idea to consumers and merchants simultaneously, as this task can be extremely complex given the varied desires of each group.

However, the simplicity and convenience of mobile payments is already penetrating a variety of markets, and widespread adoption seems to be fast-approaching. The news provider suggested that merchants and payment processors use the data cultivated from payment processing platforms to sculpt more successful strategies in the future.

The ability to accept credit card payments through a variety of platforms ensures that all potential transactions will be finalized in a fashion that is convenient for the consumer. This capability has been shown to improve loyalty among customers. 

Nexus: G-WEBCD5