Executive Briefings

Technology Enables Mobile Payment to Take Off

Mobile payment technologies are finally vaulting forward in the U.S. after years of slow advances. The biggest move ahead could occur in September, when Apple is widely expected to embrace a mobile payment scheme with its next-generation iPhone.

Google Wallet, meanwhile, is nearly a year old. And the Isis consortium of three U.S. carriers could officially launch its first mobile payment network any day now. Those approaches require a smartphone loaded with an app to communicate with a terminal at a store or other location via a near field communications chip or Bluetooth wireless.

However, PayPal is already enabling mobile payments in the cloud for 50 million mobile users without the need for a physical phone at the point of purchase. PayPal customers can simply enter a mobile phone number and PIN at a checkout keypad to transfer money from a PayPal account linked to a bank account or a credit card.

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Google Wallet, meanwhile, is nearly a year old. And the Isis consortium of three U.S. carriers could officially launch its first mobile payment network any day now. Those approaches require a smartphone loaded with an app to communicate with a terminal at a store or other location via a near field communications chip or Bluetooth wireless.

However, PayPal is already enabling mobile payments in the cloud for 50 million mobile users without the need for a physical phone at the point of purchase. PayPal customers can simply enter a mobile phone number and PIN at a checkout keypad to transfer money from a PayPal account linked to a bank account or a credit card.

Read Full Article