Smartphones and Financial Technology (“FinTech”) Enable New Mobile Payment Methods

A wide variety of services, technologies and strategies are now competing with conventional cash and credit cards for consumers’ payment needs.

Smartphones as Credit Card Terminals: Smartphones are being used by merchants and service companies as credit card readers, thanks to technology from companies like Square. Using a small scanner that plugs into a smartphone, users can process credit cards for a small fee. Square, for example, makes a device that plugs into the earphone jack of an iPhone or iPad (as well as some other smartphones). Square quickly developed into one of the world’s most innovative payments companies, adding many levels of tools and services for small business, including debit cards and marketing assistance. Likewise, PayPal has an iPhone app with transactions for bank accounts or PayPal accounts. The technology is a boon for small businesses that previously worked only on a cash or check basis. For example, a plumber can get paid by credit card, on-the-spot, after completing a job. Like Square, PayPal has also added numerous important tools for business.

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Smartphones and Financial Technology (“FinTech”) Enable New Mobile Payment Methods, Business and Industry Trends Analysis

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