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Mobile payments provide convenience for consumers

Oct 13, 2013 Dave King

With the emergence of smartphones and tablets, electronic payments are increasing in popularity. This method of completing transactions is convenient for consumers, as they no longer need to carry cash and can simply pay for products with a device they would already be holding.

"Customers are busy," Stacey Coyne, vice president of digital channel for Rockland Trust, told CBS New York. "They are working seven days a week. We want to make sure the mobile technology is available to them when they need it - 24 hours a day, seven days a week."

Now that the majority of Americans have a smartphone, it would be wise for businesses to make the switch to mobile payments or risk falling behind the competition. The Pew Internet Project's research found that 28 percent of cell owners have an Android and 25 percent have an iPhone - both of which are capable of electronic payments.

Gavin Michael, head of digital for Chase Bank, told the source the financial institution's mobile offering is good for consumers as there is no charge to send or receive funds and it is secure - a positive because security questions are a major concern with mobile payment systems.