zhuwh
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Aug 11, 2010, 2:09 AM
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Business Journal: Smart phones payment will replace traditional credit card payment
Beijing time on August 5, "Business Week" article points out, AT & T and Verizon Wireless intends to launch a mobile payment system; the mobile payment system may replace the traditional credit card payment system. It is estimated that Americans use credit cards now total about 1 billion, part of which may soon be replaced by smart phones (quad band smart phone).
According to the person who is familiar with this information, AT & T, Verizon Wireless and T-Mobile intends to develop a smart phone using the mobile payment system, which could have a traditional credit card payment systems pose new threats.
On the technical details it is to be perfect, but with this service, consumers can use smart phones (smart phone sales) to pay for when shopping. Transactions will be the fourth largest U.S. payment network Discover Financial Services to deal with. Informed sources said London's Barclays will help manage user accounts. The operators, Barclays and Discover representatives declined to have a comment.
Brian Dodge, in retail Industry Leaders Association (Retail Industry Leaders Assn.), think that the payment services market is now a lack of real competition. If there has a secure and reliable network competitors, and can reduce the cost of retailers, then it will certainly be welcomed by retailers.
According to Nilson Report, said U.S. consumers are now more than half of the purchase transaction is to use various bank cards and electronic payment means to pay, and when in 2003, this proportion is also only 36%. U.S. consumer spending last year, there are 3.1 trillion U.S. dollars of the money is paid by credit and debit cards, which use the Visa and MasterCard payments for the 2.45 trillion U.S. dollars, the share was 79%. According to Boston Consulting Group Mercatus’s survey found that more than half of U.S. consumers and nearly 80% of the age of 18 years to 34 years U.S. consumers will use mobile financial services within 5 years.
Boston Federal Reserve Bank's policy paper in May, said the new payment system may encounter many obstacles, and it is difficult to stand our ground rapidly in the United States. Report refers, unless the consumer was aware that there are enough merchants to accept mobile payment solutions, otherwise they won’t use cell phone payment system. As for the business company, unless the users who use the cell phone system reach to certain quantity, they would not use the mobile payment technology. Businesses must spend on each e-reader the purchase cost of 200 U.S. dollars, while the upgraded cell phone with built-in microchip also makes the phone cost by 10 dollars to 15 dollars.
Visa and MasterCard are investing in developing their own cell phone payment system.
Conclusion: AT & T, Verizon Wireless and T-Mobile that are ready to launch smart phone payment system may push the United States the rapid development of mobile payment technology. From: china cell phone
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