Wider availability of mobile technology makes it easier to complete all types of transactions related to sending and receiving funds, the entire credit card and banking industry will change from top to bottom in the coming months, according to a report from CNBC. Many experts agree that one of the biggest changes will come to consumers, who will be able to load their payment information on their smartphones, or else handle bank transactions on mobile devices.
“In the next few years, all of your payment vehicles – some the average consumer has heard of, and some only really available to small businesses – will be accessible through your mobile wallet,” Omar Green, director of strategic mobile initiatives at Intuit, told the news agency.
[Related: Your Smarter Smartphone]
The nation’s banks will also be affected by this movement, forcing them to allow more transactions to be completed online, the report said. For example, Bank of America’s banking application for the iPhone has been downloaded 6 million times, and 100,000 customers use it every day.
Many companies now offer apps that allow small businesses to complete credit card purchases using nothing but a mobile phone and a portable credit card reader as well, making it easier to accept payments away from traditional point of sale systems.