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2014: The Year of Mobile Payments

2014: THE YEAR Customers now use mobile payment systems for a variety of purposes, from personal finance apps to shopping apps and pay-by-text services, but what does this mean for payment processing? of MOBILE PAYMENTS MOBILE PAYMENTS FOR E-COMMERCE 77 It seems everyone has a smartphone. The latest studies show that 61% of the US owns one. And that's good news for e-commerce. BECAUSE OUR PHONES AREN'T JUST PHONES SMARTPHONES SOCIAL DIRECTIONS GAMES SHOPPING Mobile Payments Payments in USD 2012 2013 +215% 2013 $4.5m At E-Complish, we've seen a dramatic increase in the number of mobile payments and mobile-payment inquires, and this is just the beginning. 2012 LOOKING AHEAD The rest of the world is adopting smartphones. Last year, we all spent 25 billion through our phones. Which signals how the future payment industry will look. The US is already one of the highest-saturated markets, and has more smartphones than any other country. China is currently the fastest- adopting smartphone market, with already over 150 million activated users. In the next year, because of these two countries, expect the payment landscape to radically change. It has been projected that mobile commerce could account for up to 20% of all purchases by 2025. So it's time we all embrace the future of the payment industry, which will begin changing radically this year. 2014 PAYMENT TRENDS Look for these four trends to dominate the payment landscape beginning this year. Services like Square act as a middleman, processing payments for whomever uses their app. No more cash transactions. Mobile Payment 2.0 Virtual Wallets utilize near-field communication technology, enabling a user to make a payment by tapping their phone onto a device. No more swiping. Virtual Wallet With Geolocation Check-In, consumers will be alerted to a store's location, may select a coupon, and can purchase an item long before they pull into the parking Tot. No more browsing. Geolocation Check-In With a millions-strong established user base, all the social market needs is a unified solution, a seamless payment system that will span all of a consumer's social networks, connecting them to relevant businesses and products. Social Media Payment ะต-complish

2014: The Year of Mobile Payments

shared by houstonbarnettg... on Feb 21
Mobile payment systems are on the rise, and 2014 will be the breakout year for mobile payment processing. Take a look at our infographic below to learn why 2014 will change the landscape of payment processing.


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