Creditnet News Story
A number of companies offering payment attachments for Apple's iPhone
Wednesday, February 10, 2010
By Danielle Robson
Would allow consumers, businesses to swipe cards rather than punch in numbers.
A number of companies are throwing their hats into the ring regarding products that take advantage of the convenience a credit card offers.
According to a recent report from CNNMoney.com, three companies have brought forward credit card swiping devices that can attach to Apple's iPhone. Through using the devices, both consumers and small business will be able to transact purchases without having to punch in their credit card numbers.
The three companies involved are Mophie, Square and VeriFone. CNNMoney noted that one of the advantages for merchants of using swipe machines attached to smartphones is that they can avoid fees associated with punching in credit card numbers.
"And, penalties aside, it can be aggravating to hunt and peck long strings of numbers into the iPhone's Lilliputian keyboard," the news organization said.
An increase in the use of cards to complete transactions recently prompted the Federal Reserve System to put forward a series of studies to see what types of payments consumers are favoring. The studies are part of an ongoing effort from the Fed to analyze payment trends among consumers.
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