June 23, 2009
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News: Cell Phone CC Processing Race
As technology remains aboard the continuous rail of change and revolution, individuals and organizations remain in a heated race to unveil the newest state-of-the-art telecommunications. Today's technology offers a wide range of connecting the financial world of debit and credit card devices with customers and merchants. When consumers realized the means to use their landline and credit card to purchase products, television shopping networks swelled with popularity. The worldwide internet and online shopping exploded with its ability to accept card payment. With next day delivery service available, millions of consumers opted out of standing in long lines and fighting bustling crowds in the holiday shopping rush or in ordering that mind slipping important birthday gift. The use of cell phones has moved to a must have for individuals to a critical element in doing business. It makes perfect sense that the next cutting edge technology would marry the credit card with the cell phone.
Combining a secure, user friendly, and reliable product with the financial world is a challenging and daunting task, but many believe it to be a huge payoff. Investors, individual entrepreneurs, small business, and large organizations have invested significant amounts of valuable resources and time in fine tuning the marriage of credit card processing and cell phones. The list of contributors is impressive. Obopay, offers the capabilities to purchase, pay, and transfer money via any cell phone using their own application. Looking to improve and fine tune their product, they have raised more than $104 million from such investors as Nokia a global leader in cell phones. Another big player in the mobile credit card payment industry, Boku, has received over $13 million from investors to fund its mobile payment products.
Current cell phone fees jack up product costs for consumers and rob merchants of profits. Dealing with dropped calls and cumbersome data entry with a cell phone can be frustrating to consumers. Discovering a product that combines mobile technology with credit card processing to reduce the cost of doing business, will yield extraordinary winnings. For all interested parties, this is a race worth investing in.