A Pew Research Center study indicates that mobile phones will replace wallets by the year 2020. Some large companies have begun investing a great deal of money into mobile payments in anticipation of the trend. We know that the payment processing industry is changing rapidly -- even Girl Scouts are using mobile card readers for their cookie sales. Near field communication technology makes it possible to purchase products without even swiping a card.
While it may be several years before people start scanning their smartphones at the corner store, all small businesses can bring their payment processing technology into the future by using mobile card readers today. The next frontier in mobile payment is closer than you think.
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