What Will It Take For Mobile Payments to Be Embraced By Consumers? We may still be a few years away from the mainstream adoption of mobile payments, but that hasn't stopped a whirlwind of buzz and product development from going on in the space.
Some of the biggest players in tech, telecommunications and finance are all working on solutions that will enable people to pay for everyday items using only their phones. So what's the hold up? For one, there are technical challenges. Technologies like NFC are not yet ubiquitous in handsets, and smartphone adoption itself is still growing. Few and far between are the retailers who have the infrastructure in place to support accepting payments this way. Branding, Privacy and Security are Key One reason for the lack of public support for mobile payments could be that most consumers outside the tech space are simply not aware of the technology and its capabilities. The institutions most trusted by consumers to administer mobile payments are, not surprisingly, banks. Driving Public Awareness of Mobile Payments. Gap widening between consumers’ mobile shopping expectations and what businesses deliver.
Will ModoPayments Finally Monetize Check-In? An error occurred with this part of the page, sorry for the inconvenience.
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After months of beta testing, Y Combinator has launched a co-founder matching platform. Square's valuation soars to $1B. Payment service startup Square is the latest company to hit a $1 billion valuation, reports TechCrunch.
According to TechCrunch’s sources, the startup is raising a new investment round of at least $50 million to bring the company’s valuation upward of $1 billion. However, it’s too soon, the sources said, to know exactly how high the round of funding will go as the company is rumored to be meeting with additional investors. Square’s service lets merchants process credit card transactions on iPhone, iPad and Android devices by using a magnetic strip reader accessory that plugs into the audio jack. The startup, which launched publicly in May 2010, currently processes over $3 million-worth of mobile transactions per day, according to Square CEO Jack Dorsey. The company’s total investment to date is $37.5 million, which does not include an undisclosed strategic investment from credit card giant Visa in April. Consumers are at the center of the mobile shopping experience: Best Buy exec.