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Subway to adopt mobile payment technology

Oct 12, 2013 Dave King

Smartphones and tablets have surged in popularity in recent years, which has led many businesses to turn to mobile payment technologies.

One of the most recent companies to adopt this method of processing transactions is Subway, according to the Boston Business Journal. The national restaurant chain is putting Paydiant's mobile wallet in 40,000 locations across 100 countries, and will begin rolling it out later this year.

In addition to allowing consumers to pay with their mobile devices, this technology will enable individuals to keep track of special offers, loyalty programs and other features inside Subway's new application. To use the system, customers will scan a QR code with their device on the point-of-sale system, which allows them to process a transaction.

Businesses in numerous industries would be wise to adopt some form of electronic payment system because mobile devices are becoming a major hit among consumers. In fact, a recent Pew Research Center study found that 56 percent of adult Americans own a smartphone, up from 35 percent two years ago. Without this technology, companies could risk falling behind the competition.