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26/05/2011 -
One of the fastest growing trends in payment processing is the use of mobile devices. With advancements in technology, consumers have been finding new ways to use credit and debit cards from anywhere.Amazon has been the subject of many rumors as of late, with many industry insiders speculating that the company's tablet will feature a built-in payment system. The system will allow customers to bypass the traditional merchants and essentially cut out the middleman when it comes to purchasing goods or services.
In a recent discussion on Quora, a social media site, members recently discussed what the new system could mean for the economy.
"Think of the capability in this way: Anyone with a smartphone can accept a credit card as payment anywhere within cell range," wrote Alan Morrison, a former retail employee. "Any end user becomes a potential retailer."
MasterCard CEO Ajay Banga was recently interviewed by Wells Fargo analyst Timothy Willi in an article for The Associated Press about the potential implications of the new trend. Banga said that "emerging markets" would likely be slower to adopt the new technology, in comparison to more developed parts of the world.
