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Smartphone, tablet popularity could lead to mobile payment system adoption

Jul 05, 2013 Dave King

With consumers increasingly relying on smartphones and tablets on a daily basis, businesses would be wise to invest in mobile payment systems as people turn to new methods such as Near-field Communications technology and ACH cards.

Non-cash transactions have become widely popular in the United States, with a total volume of more than $3.95 trillion in 2011, according to Business Insider.

Technologies that are making their way into the market include attachable credit card readers, mobile apps and NFC.

As more consumers obtain smartphones and tablets, it would make sense for businesses to adopt mobile payment systems.

The Pew Internet Project's research related to mobile technology revealed staggering numbers when it comes to how many people have these devices. Nine in 10 American adults have a cellphone, with the majority owning a smartphone. Meanwhile, 34 percent own a tablet computer - a number that is only expected to rise.

Failing to employ payments systems that allow customers to use smartphones and tablets could lead businesses to fall behind competitors who do use this technology.