People have possessed the ability to spend and send money with their smartphones for years, but mobile payments have yet to take off in a big way.
Plastic and cash are still the preferred modes of buying stuff — by a long shot. But four recent events suggest that mobile payments are about to take off in a big way.
1. This week, investors pumped $150 million into Square, the mobile-payments company that lets people turn their smartphones into virtual cash registers. The investment values the company at $6 billion.
2. Last week, eBay opted to spin off payments service PayPal. A big part of the reason: PayPal has been held back by its parent company, and the move is expected to free PayPal to increase its mobile payments presence.
3. Facebook is experimenting with a one-touch payments system, and this week TechCrunch reported that Facebook is about to release a peer-to-peer money transfer feature in its Messenger app. More