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Mobile Payment Trends in 2013

Within the last several years, mobile technology and the emergence of the “digital wallet” have begun revolutionizing the way that many retailers do business. With mobile payments projected to reach $90 billion in 2017, companies such as Square, PayPal and MasterCard are taking the lead in digital innovation. Take a look at how they’re staying ahead of the curve:

Square released “Business in a Box,” a package designed to provide retailers with all the tools necessary for a fully functioning, in-store cash register. The kit includes two Square credit card readers, iPad stand, cash drawer and even receipt printer for an additional $300.

PayPal recently partnered with Discover and is now available as a payment option in over 17,000 retailers worldwide, including Home Depot, Abercrombie and Fitch and Jamba Juice.

MasterCard launched a cloud called MasterPass, which securely stores card information for users. In addition to storing user information, MasterCard is partnering with VeriFone to enable user-to-purchase using various mobile devices at point of sale.