Mobile pay systems – the wave of the future.
In an ever-changing technological world, physical money and credit or debit cards may become obsolete. Easy to lose and easy to have stolen, these “old-fashioned” ways of paying for goods and services may be going the way of the older trade systems. 
Mobile pay systems use technology to allow ease of use in today’s market. Near Field Communication (NFC) chips are used in mobile devices, such as a smart-phone technology. These NFC chips allow you to buy goods and services by simply touching your device to a pay spot at the register. The NFC chips work with radio fields. The initiator of the transaction (your smart phone) generates a radio field of about 4 centimeters and the target (the pay spot at the register) reads the signal, thus transferring the information from one device to another.
Today’s mobile payment transactions are worth around $240 billion. Within the next few years, mobile markets are expected to grow up to three times their current size. Within the next year, NFC phone sales are expected to reach $75 million.
Mobile transactions are estimated to reach $670 billion within about three years. Digital good are expected to comprise about 40% of this digital market.
At this time, it is unclear which provider will end up on top of the new market. Visa, American Express, ISIS, and Google are working on the release of their own devices.
Google Wallet, the preferred technology for Android phones, will synchronize with Google offers and allow users to access coupons on the go.
ISIS, founded by AT&T, Verizon Wireless, and T-Mobile, is working on a system that will allow you to link multiple credit and debit cards together, allowing you to choose from multiple cards for payments.
Visa’s new technology, the Visa Wallet, will also let you link multiple cards and access different payment options from varying sources.
American Express’s Serve will let you send secure payments between two devices.
Sound confusing? The transactions of tomorrow may change in how they are received, but one thing will never change: a businesses need to take accept various types of payments. If you have questions, isn’t about time to get answers? We can help you set up your business the right way for today and into the future.
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