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Mobile payment processing technology is transforming the financial world with its advantages of convenience for U.S. consumers and small businesses. In 2014, more than $5 billion in payments were processed using digital phones in the United States, according to Business Insider. The number of Americans using their smartphones to process payment transactions is also predicted to increase enormously, reaching more than $170 billion in mobile payments processing, in three years. Since 2014, small businesses are taking advantage of recent development of payment processing technology, Mobile Point of Sale.
Companies, such as ShopKeep are benefitting of the increased demand for commercial payment technology. Their Mobile Point of Sale payment app accepts consumers’ payments using smartphones and tablets. The payment technology is compatible with new applications to manage inventory, process payroll and market.
The transformation of mobile payment technology started with Apple Pay and eventually Google, Chase, Android and Walmart developed their payment apps. New developments in payment technology will reduce the number of consumers using cash and credit cards. Access to cash and credit cards is quickly available using smartphones and tablets to make purchases and to pay bills online. Payment processing vendors are planning for the transformation, as cyber shoppers and online stores’ demand increase yearly.
Mobile technology has transformed greatly over the years, beginning with built-in camera, calculator, and clock with alarm feature. Smartphones added other built-in apps, including built-in camcorder, GPS, movie play, and television. New mobile technology will ultimately change the way consumers traditionally process payments. In the 1990’s consumers had to literally write a check or use cash for bill pay to creditors and merchants. Today, millions of U.S. consumers are using digital phones, tablets, laptops and PCs to process bill payments.
Consumers, small businesses and corporations are going digital for financial transactions, including payment processing, receiving payments and online banking. Analysis of the payment technology industry indicates an increase in mobile payment processing technology sales to small businesses and an increase of Americans using smartphones for most payment processing, in the near future. Entrepreneurs are using tablets and phones for running their online businesses, including tracking inventory, processing payments to vendors, and receiving payments from customers. By 2019, consumers and small businesses are expected to contribute to the increase in mobile payments processing.