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Mobile Payments Growing by Leaps and Bounds

Mobile Payments Growing by Leaps and Bounds

As consumers are increasingly relying on internet-enabled smartphones for their communication and connectivity needs, those with executive jobs are taking notice. Many are choosing to adopt policies that allow for payments on

As consumers are increasingly relying on internet-enabled smartphones for their communication and connectivity needs, those with executive jobs are taking notice. Many are choosing to adopt policies that allow for payments on mobile phones at brick-and-mortar locations.

However, a recent report indicated that some consumers are not ready for this change. According to Computerworld, though there are a lot of revolutionary advances planned in their realm of mobile gateways in the near future, many consumers are overwhelmed with the number of options available and the security protections in place.

"If I have five credit cards in my wallet, do I need to have one more in my phone as well? And do I trust the issuer of the mobile credit card enough to use that service?" J. Gold Associates analyst Jack Gold asked in an interview with Computerworld.

Gold explained to the source that in order to become more widely adopted, the technology will have to be very simple to use and demonstrate strong security features.

One of the companies leading the push to mobile payments is Starbucks. According to Businessweek, the cafe chain has been allowing customers to pay using their mobile devices in storefront locations for about a year and a half. Most businesses that have adopted mobile payments have followed the example of Starbucks, as it has realized success, the news provider explained.