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Perhaps most importantly, credit card companies need mobile carriers for distribution.The same way Visa and Master Card partner with banks, airlines and so on to distribute their cards, they need the carriers' help to put this technology in people's hands, and to help customers understand that it's there.
So, why don't the carriers circumvent the credit card networks via the internet – or even better, using their own 3G networks?As a result of that and other factors mentioned below, the fees, interest charges and markups that plague credit card customers on both sides of the customer/merchant equation will undoubtedly persist on smartphones.Credit card companies typically charge merchants around three percent of the purchase price when a customer pays by card.well wave your cellphone over a retail console to buy just about anything within a couple of years, obviating the need to carry around much of what's in your wallet.That might sound super cool, but aside from learning a new swipe, not much else will change from the way we use credit cards today."Visa and Master Card are so universal at this point that the barriers to entry for any new payment system are almost insurmountable," said IDC Financial Insights practice director for payments and security Aaron Mac Pherson.After all, how can delivering a bunch of ones and zeros – something that's essentially free in most other cases – end up costing three percent of the price of something tangible like groceries or a shirt?
In these dis-intermediated times, it seems laughable that moving a small amount of data around would be worth so much.
[America Online co-founder] Steve Case is one of them. to be a new card network that would underprice the associations, and it totally cratered and was sold to American Express.
Then you have Debit Man [a debit card network backed by merchants, rather than banks, which Debit Man's COO accused of raising rates unfairly and keeping 80-90 percent of resulting revenue].
And what's to stop a new company from linking mobile payment chips to a payment system over the net rather than trying to duplicate Visa and Master Card's massive private networks?
"One reason Visa is reliable is that it relies on leased lines and a lot of dedicated trunks," said Mac Pherson.
There are fundamental costs of doing business, to be sure.