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First Data To Play Big Role In Cell Phone Payments

Gabriel Perna, International Business Times

Thursday, August 5, 2010 - 12:39

Mobile operators in the U.S. are launching a joint venture to deliver mobile payments and by pass the credit card companies. First Data, a payment processing company, may see big gains with the new mobile operator payment approach.

Usingcell phones to pay bills could mean trouble for traditional credit cardcompanies such as MasterCard and Visa, but it is a potential gold mine for First Data, the payment-processing giant that handles payments from both.

Several news outlets reported that a consortium of cell phone carriersis readying a system whereby people could use their cell phones as credit cards. Longtime rivals, Verizon, AT&T and T-Mobile are teaming up with financial services firms Barclays and Discover to createa smartphone-based payment system.

This system, which is already popular in many Asian countries, woulduse a near field communications chip embedded in the cell phone to process the payments. Eventually, it could replace plastic credit cardsaltogether.

A company like First Data, which does the payment processing for countless global retail transactions, would be one of the essential elements. 

Read the full story by clicking the link below
http://www.ibtimes.com/articles/41100/20100805/verizon-att-t-mobile-cell-phone-payments-cr edit-....
 
Tags: Mobile Payments, Global, Americas, Credit Cards, First Data, US, Cell Phone Payments

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