When you think mobile payments, are you still thinking of attaching something to your smartphone so you can accept plastic credit card payments while you’re out in the field? If so, you should know that going mobile has gone even higher tech and now means using a phone to pay for everything from a meal in a restaurant to taxi fares to purchases in retail stores. And with 66 percent of consumers willing to adopt mobile payments, small business owners should pay attention to the latest trends. Although mobile wallets have gotten a bad rap in the past, the ISIS mobile wallet seems to be catching on; some 20,000 new people sign up daily. The mobile payment app addresses consumers’ concerns about security by having users lock their wallet with a PIN and receive a one-time-use ID with each transaction. Isis so far has partnerships with AT&T, Verizon and T-Mobile.
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Maria Valdez Haubrich
Maria Valdez Haubrich is Chief Liaison Officer of GrowBiz Media, a media company that helps entrepreneurs start and grow their businesses. Visit her company’s blog at SmallBizDaily.com.