Mobile payments designed to generate interest for tech companies

A growing number of tech companies are jumping into the mobile payment market.

Published Sun, Mar 22 2015 2:33 PM CDT   |   Updated Tue, Nov 3 2020 12:09 PM CST

Apple, Facebook, Samsung, Google, and more tech companies want to cater to consumers interested in making mobile wireless payments - even if that means they won't end up generating large revenue directly from mobile pay.

Mobile payments designed to generate interest for tech companies | TweakTown.com

Traditional credit cards, banks and other processing companies take a small percentage, typically up to three percent per transaction, and rely on a large volume of daily transactions. Tech companies, however, want to get mobile users to become loyal to their respective services - though Apple Pay offers a fraction of each processed sale to banks.

"I've been surprised it's taken this long," said James Wester, research director at IDC, in a statement published by TIME. "Now consumers are seeing the mobile device as part of their financial lives. We've reached the point where paying with your phone is completely normal, or normal to enough people."

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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