Major lender looks to increase mobile power

October 13, 2011/0 Comments/in Credit Cards /by Debtmerica

Major lender looks to increase mobile power A number of financial and technology companies are now attempting to convince consumers that they will be better served using their smartphones to make credit card purchases, and an executive from one major credit card lender believes it will take more cooperation to make that happen.

Mobile credit card payment systems are viewed by many in the financial services industry to be the next great frontier in purchasing platforms, and an American Express executive believes that companies will need to work together to make consumer adoption a reality, according to a report from the tech news site CNET.

Currently, a number of tech and financial companies are developing their own payment systems, which may make it more difficult for consumers to participate, particularly if they have several cards issued by different lenders.

By being able to store coupons and create budgets using a smartphone that can also make purchases, consumers may be able to trim the amount of credit card debt they take on and, in doing so, reduce debt for their whole household.

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