Many experts have been anticipating that mobile wallet technology would start to become widely available in the near future for some time now, and it seems that at least part of those predictions have come true.
While there has not been a widespread rollout of smartphones capable of handling mobile wallet transactions, the stage has been set by a new push from JPMorgan Chase, one of the nation's largest credit card lenders. Now, the company is beginning to offer retail partners a new type of payment terminal known as Future Proof, which is capable of handling not only traditional and contactless credit card purchases, but also the types of mobile wallet transactions experts believe will become popular with consumers, and reach near ubiquity, within the next few years.
"As emerging payment options gain adoption in the U.S., merchants are looking to make the customer check-out process as easy and safe as possible," said Mike Duffy, president of JPMorgan Chase payments subsidiary Chase Paymentech. "The Future Proof terminal is a one-stop solution for merchants to keep accepting today's forms of payment and prepare for new consumer payment preferences on the horizon."
Considerable value for consumers, processors and retailers alike
Giving merchants more options for accepting various types of transactions will be extremely important by 2015, the company said. That's because some estimates show that the mobile payment industry could be worth as much as $74 billion annually by that time, and companies that have the ability to accept these transactions earlier will be better positioned to take advantage of the coming changes in consumers' purchasing habits.
Further, consumers will also be able to rest assured that the transactions they make using mobile wallets will be more secure than traditional credit card use, the report said. A number of studies conducted abroad, where this type of technology has existed for some time, suggest that use of EMV-enabled cards and mobile wallet technology, which allow for contactless purchases, are at a far lower risk for fraud than those carrying the traditional magnetic strip.
However, consumers who are concerned about the security of their finances should also take the time to check their credit reports. By doing so, they may be able to identify potentially unfair markings that could be dragging down their credit scores.