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As Mobile Payments Soar, So Does Competition Among Retailers, Banks, Tech Giants

December 31, 2015: 12:00 AM EST
The ability to pay for purchases via  smartphone is becoming more widespread, as payment solution competition among banks, retailers and smartphone technology pioneers heats up. Market watchers predict that check-out transactions using smartphones will hit $210 billion within three years, up from $9 billion last year. That’s big business, and a lot of companies want a piece of the pie. There’s another incentive: retailers hate paying credit and debit card fees, and banks hate paying fees for Apple Pay transactions. So the biggest retailers and banks are all expected to have mobile-payment solutions to compete with Apple Pay, Google’s Android Pay, and Samsung Pay. These include JPMorgan Chase (Chase Pay), Walmart Pay, MCX’s CurrentC, and PayPal.
Olga Kharif, "Disrupt Mobile Payments Business in 2016", Bloomberg, December 31, 2015, © Bloomberg L.P.
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