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Payment and Banking Solutions This Holiday Season

The holiday season is a time for family, friends and holiday cheer, but it's also a time when consumers and customers are spending their money, making new payment and banking solutions a focus for enterprises. Because mobile devices are becoming increasingly popular, many are seeking to

The holiday season is a time for family, friends and holiday cheer, but it's also a time when consumers and customers are spending their money, making new payment and banking solutions a focus for enterprises. Because mobile devices are becoming increasingly popular, many are seeking to update mobile applications to include payment options in conjunction with this holiday season. Not only are mobile users bringing their devices to work, but they're also using them to pay for products and services. Although security concerns remain, the power of the pocket device cannot be ignored.

Tablets facilitate payments
According to Bay of Plenty Times, many retailers are beginning to use their tablets to facilitate ecommerce payments. A device that allows credit cards to be swiped can be plugged into tablets, allowing consumers to pay a merchant for products or services. Rather than using a hefty credit card machine, retailers and businesses can use their tablets to receive payments.

Paying via personal device
This isn't the only arena where mobile devices are taking center stage. A variety of companies in a number of industries are developing mobile payment solutions so that users can pay for goods using their personal devices. According to Computer Weekly, MasterCard has begun offering authorization for mobile transactions. The news source reported that the credit card company processed 12 billion transactions per second last year.

"The amount of computing power in consumers' pockets now is probably greater than the rocket science we had 30 years ago," Rob Reeg, CIO of MasterCard, told the news source at the MasterCard Innovations Showcase event. "So the question for us is how we leverage that for consumers to get what they want."

According to Charles Weir, founder of a mobile apps development company called Penrillian, there is significant profit to be made from mobile applications, which allow a large amount of mobile operators to benefit. Because the market for mobile payment is still relatively new, enterprises need to carefully select solutions, while vendors need to carefully consider what offerings will win support.

Mobile banking applications
Just a few years ago, it was impressive that banks could offer services over the internet. Today, as more users rely on mobile devices, the internet is not enough. According to Milwaukee Business News, mobile banking has become a common route. The news source reported that the technology has experienced significant growth since 2007, when it was introduced. "They're more moving into something that's more tailored to the device and leveraging functions that are available on a mobile device, which are not available through a PC," said David Albertazzi, an analyst at research firm Aite Group, according to the news source.

Today's enterprises should consider new payment software solutions if they expect to remain competitive in a technologically advanced world. Although different approaches will complement different organizations, IT decision-makers and other business leaders should carefully consider how new payment technologies can positively affect the enterprise.