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Panel: Mobile payments could reach $1 trillion by 2015

Zach Miners | Feb. 8, 2013
Using a smartphone to pay for purchases in lieu of a physical debit or credit card may become a US$1 trillion business by 2015, and some ancillary technologies for consumer engagement could help to make that happen.

"If that value could be brought to a service and revealed, that would transform that whole relationship people have with their multiple accounts," he said.

Other panelists discussed mobile apps that could improve the buying experience for merchants. For example, an app could ask for user feedback after a sale and then send that information back to the merchant, so the seller could learn more about what consumers want for future reference.

"There's an opportunity now to focus on what consumers and merchants want," said Aashir Shroff, VP of mobile banking and payments at Wells Fargo. He said the end result could be a more meaningful relationship between consumers and merchants, "so the payment just becomes the binding factor."

 

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