Between July 2008 and July 2009, the use of mobile devices to shop the internet increased 34%, according to a report released in October 2009 by The Nielson Co. It went from 42.5 million to 56.9 million. The greatest increase of phone users accessing the web came from 13-17 year olds and people 65 and older.
These numbers are predicted to grow as bandwidth and phone speeds increase. E-commerce and mobile payment applications are becoming more popular as this happens.
Ups and Downs
The expansion of mobile internet use makes it a prime opportunity for ISO’s and MLSs to create new streams of revenue with mobile payments. There is a huge potential for using phones as credit card terminals, although there would be some downfalls.
The phones out there right now are getting smarter and smarter. You can do almost anything with them. But the credit card processing industry is mostly dominated by banks, and there are very few mobile carriers out there. For mobile payments to become a reality, carriers need a profit motive in order for them to jump on the idea.
Web surfing on a phone is one thing, but making a credit card transaction on one is another. There would have to be a specific mobile processing platform. Who is going to give?
Monetary Gain and Economy
There has to be an implementation of a payment network that gives phone carriers a value based incentive to participate in mobile payments. To make mobile e-commerce as popular as regular e-commerce require a secure network that will simplify checkout.
MLSs should also be compensated to distribute and market mobile payment products. The technology is available, but a way to make it cost effective is not.
There are three pieces that currently consume the discount rate the merchant is charged. The card issuer, the merchant acquirers, and agents, all receive a part of the merchants’ fee. Why would a phone company want to put a chip in their phones to do mobile processing if they aren’t going to profit from it? Carries will need a source of revenue in order to implement the chips needed for mobile card processing.
There are many obstacles that lie ahead of the acceptance of mobile payments. The drive to change is difficult, but it will happen.
[...] post: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: card credit merchant processing | tags: agency, bbb, businesses-need, [...]
[...] here to read the rest: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: card credit phone processing | tags: agencies-vying, are-innumerable, [...]
[...] is the original: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: accept credit card | tags: credit-cards, leading-merchant, our-great, [...]
[...] post: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: accept credit cards | tags: credit-cards, leading-merchant, [...]
[...] original here: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: accept card credit payment | tags: accept-credit, alert, [...]
[...] original here: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: credit card acceptance | tags: carriers-need, carriers-out, credit, [...]
[...] the original here: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: ecommerce credit card processing | tags: business-person, [...]
[...] the original post: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: card credit internet processing | tags: credit-card, growing, [...]
[...] more from the original source: Mobile Payments Wonder Which Way to Turn – Accept Credit Cards … By admin | category: accept credit | tags: leading-merchant, mortgages-or-student, [...]
Thanks for posting this article. I’m decidedly frustrated with struggling to search out pertinent and rational comment on this matter. Everybody now goes to the very far extremes to either drive home their viewpoint that either: everyone else in the planet is wrong, or two that everyone but them does not really understand the situation. Many thanks for your succinct, relevant insight.
Hi guys,
I know this might be a bit off topic but seeing that a bunch of you own websites, where would the best place be to host. Someone recommended I use Blue Host for $6.95 a month which seems like a great deal. Anyone here on http://www.accept-credit-cards-online.com using them?
BlueHost is good…or ixwebhosting… or seosmoothdesign.com hosting
Depends on what type of site you are making