Jun 25, 2013 Dave King
Mobile payments provide convenience, and it is clear many consumers prefer to pay via ACH cards. However, these systems have been slow to be implemented, which could hurt business at companies that don't use the technology.
One of the main issues behind mobile payment implementation is the lack of a consensus over which technology should be used, according to USA Today. Banks, payments processors, network operators and third-party software developers are all involved, which makes it a complex and competitive market.
Another major concern is security, as consumers will want to be assured their payment information won't be compromised when using this technology.
It would be wise for businesses to implement mobile payment systems sooner rather than later, as the market is expected to grow markedly in the coming years. A report from IDC Financial Insights found that consumers and businesses will make more than $1 trillion in mobile purchases by 2017.
With such growth coming in the mobile payment market, companies that don't use the technology could find themselves falling behind the competition.