Mobile options will change payment process for banks, consumers

The idea of being able to use a smartphone equipped with a near-field communication chip to take on credit card debt when making purchases has gained prominence in recent months, as many companies have tested such systems in small groups, according to a report from CNBC. However, it's a question of "when," not "if," this technology will catch on with cardholders, meaning banks will have to adapt to the popularity of the payment method.

Already, most major financial institutions offer mobile banking applications for smartphones, and despite their popularity, customers may find them frustrating to use, the report said. For example, Bank of America's app has been downloaded 6 million times and is used by 100,000 people a day, but is only rated 1.5 out of 5 by cardholders.

This change in consumer attitudes toward mobile banking and credit card debt will force lenders to try to keep up with consumer demand for the latest technology.