American Express (AMEX) recently announced that they will allow for users to make purchases on Verizon Wireless devices (AKA the other iPhone carrier). The mobile payments will be available across various phones and tablets from the carrier. This is in a move to compete against other mobile payment systems, such as those by Visa, MasterCard and PayPal, reports Bloomberg.
Verizon is the largest wireless carrier in the US, and AMEX is the largest credit card issuer. This works out nicely for both of them. Dan Schulman, group president of enterprise growth at AMEX said, “Our collaboration with Verizon highlights the speed at which Serve is evolving to reach a wide audience.”
It will take a while for people to adjust to mobile payments, and we’ve read about NFC technology in the past, which is typically used for making mobile transactions,and is similar to having a credit card on hand. The new iPhone 5 is rumored to have some sort of NFC technology built-in but such rumors haven’t surfaced in a long time.
Another section of the report mentions “customized discounts and offers to cardholders who allow the lender to mine their Facebook relationships and online interests.” In other words, all the crap everyone was worried about with Facebook in the first place.
[Bloomberg via Dallas Morning News]