Why Mobile Payments Aren’t Replacing Credit Cards Just Yet
There’s been plenty of attention given to mobile payments recently, but traction with consumers is yet to be seen. The benefits of mobile payments for technology companies and merchants are clear enough: they fit into advertising and deals businesses, and they can allow merchants to avoid interchange fees that credit card companies charge them, for example. But how will mobile payments benefit consumers? To be truly appealing to consumers, mobile payments need to improve the overall experience, digital wallets must actually replace physical wallets, payment hardware and technology have to be ubiquitous, and the benefits from credit card rewards programs must be available for digital wallet and mobile payment transactions, among other things. (CNET News)
