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

A wide variety of services, technologies and strategies are now competing with conventional cash and credit cards for consumers’ payment needs.  Forrester Research forecasts that U.S. mobile-based payments will surge to $142 billion in 2019. Smartphones as Credit Card Terminals:  Smartphones are being used by merchants and service companies as credit cards, thanks to eBay’s PayPal, Intuit and newer ventures including 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…

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