Global mobile payments are expected to grow



Global mobile payments are expected to grow a little more than 25% by the end of 2017. As more and more people switch to smart phones the ability to pay with a mobile device increases yearly.  Consumers that are offered more options to pay for goods and services are more likely to spend more. 



The ability for a consumer to pay with a smartphone alone won’t foster usage of digital wallets. Rather, financial services players should brainstorm ways in which the technology can create new opportunities for shoppers. In other words, the goal of digital wallets isn’t about replacing plastic, which works well; rather, it’s about creating value-added features that center on improving the digital commerce experience.
 
“**There will be an explosion of mobile payment apps,” “The commerce space is incredibly rich and rewarding for players. …There will be a massive amount of innovation once the entrepreneur community gets it.” (**Payments Industry Spokesman)

Mobile payments fall under a couple of different categories
1.       Mobile businesses such as taxi, tow truck food delivery and more. These are the types of businesses that travel to the consumer and closing a sale or service transaction at the customer’s location.
2.       A Mobile payment may take place at a retail location where a customer uses data stored on a smartphone and swiped at a POS terminal. This technology is known as Near Field Communication or NFC. 

NFC stands for Near Field Communication. That means a customer's mobile device with a payment application needs to be near a terminal for the transaction to take place. The customer waves his mobile device over the terminal, his account is debited, and the merchant business is credited. Some NFC payment examples include Apple Pay, Samsung Pay, and Google Wallet. Your business just needs to have the right terminal. Although NFC isn't part of Sage Mobile Payments, you can still add that product.

How are mobile payments regulated?
Mobile Payments are subject to the well‐established regulatory and supervisory regime for bank payments. Applicable regulations include the Truth in Lending Act (TILA) for credit card payments and the Electronic Fund Transfer Act (EFTA) for payments initiated out of the payer’s bank deposit account. Federal laws designed to promote specific public policies, including prohibitions against money laundering, also apply. Additionally, banks typically receive at least one full‐scope, on site examination each year, and the examination process is supported by extensive supervisory guidance. Finally, the Senate Banking Committee and the House Financial Service Committee provide Congressional oversight of the regulatory and supervisory processes for bank payment activities.

Is your business located in the United States? Are you considering adding Mobile Payments to your customer’s payment options? Quantum Merchant Services is a leader in the payment processing industry.



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