[/caption]We all are aware of drugs being commissioned by pharmaceutical companies to cure or palliate diseases, but turned out to be the cure for other ailments.
So it is when we look at the typical cell phone, which was made mainly for communications, but now gives us the added tools to pay our credit card bills, among other amenities.
Daily Finance is reporting that smart phones are capable of being able to cut into the traditional credit processing companies, which tabulate the credit card transactions.
Apparently, last week Google released its' Chrome browser, which enables mobile transactions and merchant accounts via the Android phones.
Google was not the first to venture down this path – the founder of twitter, Jack Dorsey, had recently invented a miniature device, which turned the Apple iPhone into a credit card processing system.
This was, and is, a shot across the bow of the major credit card processing companies, which charge a fee of 2 to 3% for each transaction. It must be noted that Mr. Dorsey had to stop using his invention due to the lack of security when processing the credit card transactions on his device.
Magnetic strips used by the old processing companies are dated; moreover, the smart phones technology is quicker, can store more data, and can accommodate more security protections than the old magnetic stripes used by the credit card processing companies.
In addition, the processing provided by way of smart phone works from a software platform, which is easier to write, and cheaper to build.
The tech wonks see a day, in the very near future, where instead of carrying a line of credit cards, the consumer will aggregate all their credit card transaction to a specific app.
PayPal, Google's Chrome browser and Dorsey’s Square will all be formidable competitors for the traditional credit card processing companies like Visa, MasterCard, and American Express.
0 التعليقات:
إرسال تعليق