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ARTICLE · 10 NOVEMBER 2014

Payments Hit The Road

Morrison Foerster
Morrison Foerster
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Morrison Foerster

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With New Devices Making Mobile Payments Easier, Banks Are Getting A Run For Their Money

United StatesMedia, Telecoms, IT, Entertainment
Mofo Tech Blog
Mofo Tech Blog
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Keywords: mobile payments, MoFo Tech Fall/Winter 2014, privacy

With New Devices Making Mobile Payments Easier, Banks Are Getting A Run For Their Money

With New Devices Making Mobile Payments Easier, Banks Are Getting A Run For Their Money

The advent of mobile payments is changing consumers' lives—and reshaping the competitive landscape for the companies that provide payments services to merchants.

Several new companies now offer solutions that use smartphones with small attached card readers or QR codes to accept payments. This gives merchants an easy, inexpensive way to get into mobile payments. As a result, these companies may soon be competing with traditional payments providers, such as banks, for merchants' business. "These new non-bank providers are making the payment space a lot more competitive," says Obrea Poindexter, a partner at Morrison & Foerster.

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