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Mobile payments slowly penetrating US market

Jul 25, 2013 Dave King

While alternative forms of payment such as ACH cards and smartphone technology could make the lives of millions of consumers and merchants easier, mobile payment systems aren't entering the market as fast as once thought.

However, businesses and financial institutions would still be wise to incorporate these technologies to get ahead of the curve because the mobile payment revolution is on the way and falling behind the competition could have major consequences.

Recently, eMarketer cut its mobile payment projection in half from more than $2 billion to around $1 billion for 2013.

One of the main reasons behind the slow adoption of mobile payments among consumers is the fact that ComScore found only 12 percent of shoppers use a digital wallet and even less use it exclusively.

Despite all that, the revolution is on the way - companies just need to figure out how to make life easier for consumers and solve problems.

Braintree GM of Mobile Aunkir Arya said one of the best ways companies can do this is by enabling consumers to enter their credit card information into the system and save it to eliminate the need to pull out the card every time a payment is made, VentureBeat noted.