Posts Tagged ‘payment aps’

Mobile Payment Apps

Friday, February 17th, 2012

Mobile news presents… People can now order a product in a certain business establishment and walk out without using a wallet. Nobody would chase you down because upon entering the establishment, the Card Case app on your iPhone detected the store’s perimeter and automatically switched on. It broadcast your picture to the cashier, who could then tap your pre-entered credit card number to cover all your bills. The phone need not necessarily leave your pocket.

Square is the company behind this app duplicating the online buying experience to the real world. Director of products at Square Megan Quinn said that their company just wanted to focus on building the relationship between the merchant and customer and removing the mechanics of the transaction.

Square is not the only company working really hard to remove the negative aspect of mobile payments. Challenges in mobile payments are also been addressed in various ways by Google, Visa, MasterCard, VeriFone, eBay’s PayPal division and joint effort by AT&T, T-Mobile and Verizon. In most cases, these businesses are not in the same direction with Square, which they let people to tap their phone near a terminal to transact payment.

Mobile payment allows people to leave their wallet at home and only use their phone for payment if this can reach to the masses. However, customers must clamor for this payment system in order for retailers to strive to apply the system. A customer will not use this mobile system either until there is great number of customers using it.

While Google’s Wallet payment app has 150,000 retailers nationwide, which accept payments over MasterCard’s NFC-based Paypass readers, Square started at small merchants having around 20,000 accept Card Case.

Another challenge in mobile payment is to develop a system that represents more than a little improvement over what people do today. IBM executive David Mangini said that developer of mobile payment should offer customers a compelling reason to get into it. He added that the mobile payment system must be just as convenient and just as widely accepted and at the same time just as safe.

e Mobile News .net (c) 2012