*Bloomberg.com recently reported that some major cell phone companies are going to let their customers make purchases on their mobile devices. Here’s the story:
The report from Bloomberg said the trials would include Verizon, AT&T and T-Mobile and could represent the biggest threat yet to the established credit card industry.
The service is already available in Japan of course, Turkey, and the U.K. Why is the U.S. always the last to get the cool stuff. This service should have been available a long time ago. It’s only logical and business smart.
See, the technology provides that customers can complete a purchase in a store through their mobile device. Super cool, but it could be another “Big Brother” move. They’d be processed through Discover’s payments network, currently the fourth-biggest behind Visa, MasterCard and American Express Co. Barclays would be the bank helping to manage the accounts, said the people, who requested anonymity because of confidentiality agreements.
This technology could rake in $630 billion in five years.
Read the full story here.