The Future Of Mobile Payment Processing

Consumers haven’t ditched the role of physical cards as readily as some mobile industry experts originally predicted, despite the massive launch of mobile wallets by major mobile manufacturers and tech providers. Though 15 percent of consumers reportedly used mobile wallets as of 2015, CIO Magazine says that consumers’ adoptions of mobile payments facilitated by other mobile technology like near field communication (NFC) is on the rise. Unlike mobile wallets, NFC doesn’t require merchants to invest in a particular mobile wallet provider’s technology to accept mobile payment, and it reportedly results in more robust data insights that merchants can use to market to consumers who pay using NFC-based mobile payments.