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Mobile Payments and the Future of Transactions

You’ve probably seen this popping up, especially if you’re a Denverite. Whether you’re getting a pie from the Humble Pie Store, picking up a quick eat from our many food trucks, or grabbing a saison at one of the craft breweries popping up in RiNo, you may have been paying with a simple credit card swipe on an iPad, and then using your finger to sign right there on the screen.

Mobile-based payment processing has been growing exponentially since October 2010: the amount of payments processed on Square, the most popular mobile credit card processor, has drastically increased every quarter since October 2010. Square allows for a simple alternative to the more complex and unpredictable fees associated with traditional on-site credit card fees.

Beyond the simplified pricing structure, Square’s mobile nature has opened up a multitude of possiblities for small business owners. Contractors can now have customers pay by mobile on the spot of the job, rather than issuing an invoice after work is completed. Without the need for wires, food trucks can beam information through the air, receiving payments in accounts within a day.

That being said, there’s a lot beyond Square just on the horizon. Google Wallet is perhaps the most ambitious new technology behind payments. The idea is that you can store information about your credit cards directly and securely in your smartphone, and pay by simply holding up your phone to a sensor and approving the transfer. Perhaps, a few years down the line, we’ll be entirely mobile-based. Either way, technologies like these have allowed small businesses to focus on their true passions without complication.

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