Mobile Payment Wars Continue
The battle to replace your wallet rages on, but the war may not be won for several years. This week Verizon threw its hat in the ring, announcing a partnership with American Express to allow customers to use their cell phone number as a verification tool to make purchases via smartphone or tablet that then show up on their Verizon bill.
The system doesn't use the much hyped near-field communications (NFC) technology and differs from other recent payment system announcements by big names like Google and Square.
But the truth is we probably haven't seen the winning formula for revolutionizing digital payments just yet. BYTE's Gina Smith spoke with mobile payments expert Ron Posner for this BYTE TV segment. Posner says it's still a long road to liberating our money from our wallets.