“I’m starting to get the sense that these card companies, many of which have introduced convenience to the payment process, could be in trouble,” Richard Saintvilus writes for TheStreet. “lthough they were successful at convincing consumers that it is best to leave their cash and checkbooks at home, it is not out of the realm of possibility that they could soon become the dinosaurs of the payment process, if they don’t adapt.”
“The one thing consumers can’t ever be without is their cell phones. That’s why vendors like Starbucks, which recently formed a partnership with Square, are becoming more open to the idea of mobile payments, a new craze that has the potential to eventually become the world’s currency,” Saintvilus writes. “If this happens, it would mean that in addition to seeing Visa and MasterCard logos on the doors of your favorite store, you will see logos of Apple and Google.”
Saintvilus writes, “I expect companies such as Apple, Google, Verizon as well as Facebook to step up and define the market.”
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