Mon, Mar 09, 2015 - Page 14 News List

Payment by smartphone on the rise


US banks lost out in the Internet payments market to Paypal, which announced during the Mobile World Congress that it was getting into the contactless payments game with the purchase of Paydiant.

Paydiant works with merchants to develop loyalty and incentive programs as part of mobile payment systems to help them boost sales.

Many experts see retailers offering discounts and promotions tailored to each client as an important element in encouraging consumers to make the switch to contactless payments with their smartphones.

Not everyone is expecting a boom in the use of smartphones for making payments.

“For several years now an explosion of that of kind of payment has been expected, but one should not forget that 85 percent of all the transactions in the world are still made via cash,” MasterCard Inc chief executive officer Ajay Banga said.

Banga expects adoption of contactless payment systems to instead grow steadily over several years.

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