Blog & Company News

Jul 13, 2012

The Future of Mobile Payments and the Virtual Wallet

Today, NewtekOne CEO Barry Sloane was quoted in a Converge Article highlighting the recent shift in the payment industry from traditional cash and credit card forms to electronic payment processing via mobile technologies. The advent of concepts like 'Google Wallet' and mobile based payments has many in the business sector predicting a significant shift in the coming years. "The days of people carrying a credit card I think are numbered, although we don't think that's going to happen instantly. We think it's going to happen over the course of time," said Barry Sloane, CEO of Newtek Business Services, which processes more than $4 billion in credit and debit card transactions through its mobile payment services. Mobile payments will continue to grow. "The easier it is to take the money, the more money you're going to get." You can read the full article here.