PRINCETON JUNCTION, N.J.-The idea of using mobile phones for payment at physical points of sale is receiving increased interest, according to a new report from the Smart Card Alliance.
The report, “Mobile Payments at the Physical Point-of-Sale: Assessing U.S. Market Drivers and Industry Direction,” said only a few pilot projects for mobile payment technology have been conducted in the United States, but market forces are coming together to spur the technology forward.
“The interesting development in the U.S. market is the launch of the American Express, MasterCard and Visa contactless payment programs,” said Randy Vanderhoof, executive director of the Smart Card Alliance. “These programs are proving the value of contactless payment to consumers, merchants and issuers and the ISO/IEC 14443-based contactless technology being used in these financial programs can also be built into mobile phones so that they can be used as payment devices at the physical POS.”
