Transforming Business with Mobile Payments

By Brooke Tajer on

Check out the article on to learn how PayAnywhere is helping to transform business with mobile payments.

By Jennifer Wang
via Entrepreneur - Jan 2012 issue

The article discusses this and more:

Mobile systems are transforming the payment environment. According to investment bank Barclays Capital, U.S. mobile commerce sales--that is, purchases made on smartphones and tablets--hit $5.3 billion in 2011, up 83 percent from the year before. Generator Research, a consulting firm specializing in digital media, projects that by 2014, usage by consumers will grow 600 percent to 490 million worldwide.

"It's a better way," says Mark Herrington, executive vice president of global product management and innovation at First Data, an Atlanta company that handles payment processing and verification for 4.1 million U.S. merchant locations and provides partner services for the Google Wallet mobile payment system. "At the beginning [of 2011], we asked people how long it would take for phone transactions to surpass credit cards, and most said 10-plus years. Now it's three to five, because it's become clear that consumers, especially younger generations, are passionate about mobile phones and make shopping choices based on how they want to pay."

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