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04/10/2011 -
With the recent release of Google Wallet, mobile payments have been all the buzz. However, as the Huffington Post recently reported, the new payment option is more about flexibility than anything else at this point. In other words, credit card machines will still be a staple at most businesses.The American business market has been made up of point-of-sale terminals for years and using these devices to pay for products has become ingrained into consumers. Moreover, implementing the technology to interact with mobile devices will be a hassle in and of itself, according to the news provider.
"While early adopters will build mobile payments' growth, there won't be a hockey stick-shaped adoption rate in the U.S. anytime soon. Early adopters may be on board, but because of supply and demand, it'll take time to hit mainstream. Consumers want merchants to support it, but merchants want to see enough consumers who will use it," the news source explains.
The best approach to payment processing is to give consumers the flexibility to use whichever payment type they prefer. This allows merchants to get the best of both worlds.
