Mobile Growth for 2011

Mashable reported that 2010 saw exponential growth in mobile usage. With the continued innovation in the smart phone industry, they foresee that 2011 will see unmatched in growth of new technology and consumer usage.

Currently over 70% of the world’s population has a mobile phone and this number is not slowing anytime soon. The growth of mobile payments is one of a few predictions that is estimated to leverage the future growth of mobile:

Allowing your customers to buy with speed and confidence is essential for any small business owner, but with the pace of modern life, it’s now increasingly important to let your customers buy at their convenience.

Mobile payments mean a retailer of any size can accept and process credit card payments, all with a smartphone, an account and corresponding app. Mobile payments can aid in expanding business and increasing revenue for a small business simply by using their existing smartphone. There are already several options available to any small business interested in accepting mobile payments, including:
• Square is a cube-like plug-in that works with your iPhone, iPad or Android phone, to read credit cards and allows merchants to accept mobile payments. You can track sales, tips, tax, payment locations and your customers from one place. There are no contracts or monthly minimums, and the card reader and setup are free. There is, however, a limit of $1,000 deposit per week into your bank account, with the remainder deposited in 30 days.
• PAYware Mobile is an app, card reader and payment gateway from Verifone that allows the user to accept and process credit cards using an iPhone 3G/3GS. Manual card entry only is supported on the iPhone 4, iPad and iPod touch. It uses VeriFone’s PAYware connect payment gateway to process payments. The encryption sleeve costs $149 and the transaction fees vary by merchant account.
• GoPayment is a service provided via a partnership between Intuit and Mophie to enable secure credit card processing on your iPhone (3G/3GS). You can process any credit card either directly or by swiping it with the Mophie credit card reader. Receipts are either e-mailed or texted to your customers. The card reader costs $179.95 with a monthly service fee of $12.95. There are no setup fees or monthly minimums.
• Mobile Deposit and Mobile Photo Bill Pay are two phenomenal products that have seen great interest recently and some big companies have already purchased. The Mobile Deposit product allows users to deposit a check from their smartphone and their Mobile Photo Bill Pay Product allows a user to pay a bill by simply snapping a picture of their bill. The products are being sold to major financial institutions directly and through partners (mainly through partners).

While in 2010 mobile payments became a talking point, in 2011 making and taking payments directly from your mobile phone looks set to be the future of commerce.

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