The Future of Mobile Payments and What It Means For Retail

recent report from Business Insider highlights how the “old dream of the digital wallet is coming true in a very mobile-led fashion.” According to the report, by the end of 2012 an estimated 7.9 million U.S. consumers adopted a near-field communications (NFC) compatible system — which includes QR codes, Google Wallet, Visa Wallet, MasterCard’s PayPass, and other apps used to process a payment — while credit card readers such as Square, I Love Velvet and PayPal have seen over $10 billion worth in mobile payments in 2012. Another recent report from Gartner predicts the value of mobile payment transactions globally will surpass $235 billion this year, representing a 44 percent increase from 2011.

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Category: News