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08/10/2009 -
As the world becomes increasingly digital and payment processing becomes more reliant on plastic payment methods, the future of the credit card processing industry will likely be centered on digital, constantly accessible payment methods.The latest example of this trend can be seen in the mobile ecommerce - dubbed m-commerce - sector, in which companies are hard at work developing ways to let their customer pay with their mobile phones.
Although m-commerce has yet to catch on in North America, the technology has been in use for approximately four years in Japan, Advertising Age reported. About 20 percent of Japanese consumers use the technology, as do companies such as McDonald's.
In the U.S., Starbucks and Amazon have been the latest pioneers of the sector, with Amazon unveiling this week a mobile version of its payment processing system. Starbucks introduced a mobile payment application for the iPhone in late September, though it remains limited to purchasing gift cards that can be scanned via the mobile device screen, instead of enabling actual purchases.
Though still in its infancy, this technology - as well as other innovative payment processing solutions - will likely change the landscape of the credit card processing industry significantly when it hits its peak.
