The Real Reason You Can't Buy Groceries With Your Phone

Google and Bank of America both understand changes are coming to the way people pay for things through their phones. Yet there is one critical distinction that goes unrealized about what the shift means. But one company is trying to change that.

May 11, 2014 at 10:33AM

Much has been made about the idea that consumers everywhere will one do soon be able to pay for everything with their phones. Yet little discussion has been had surrounding the most critical piece: How the store accept the payment.

The buzzword
With shifting technologies and the entrance of firms like Google (NASDAQ:GOOG) (NASDAQ:GOOGL), mobile payments have piqued the interest of consumers and investors across the globe.

And while the changes in the corresponding adoption of that technology by consumers is key to follow, it is vital to remember the importance of merchants. These are the ones who actually take the payments and absorb the cost of having to buy new technology that accepts those payments.

Brian Mooney, CEO of Bank of America Merchant Services -- a joint venture between Bank of America (NYSE:BAC) and First Data -- said at the recent payments industry TRANSACT14 conference, "I am optimistic about mobile payments," but it would only be fully recognized when the merchants feel like they're going to get value from mobile payments.

The same opinion was true of the head of Google payments, Ariel Bardin, who suggested the ability for Google to partner and collaborate with merchants will be critical to the success of Google Wallet.

In the video below, Motley Fool contributor Patrick Morris chats with Loop co-founder and CEO, Will Graylin at the TRANSACT14 conference about his start-up's technology, and how it's doing something Google isn't.

Your credit card may soon be completely worthless
You can't invest in Loop. But it, Google, and many others understand the plastic in your wallet is about to go the way of the typewriter, the VCR, and the 8-track tape player. When it does, a handful of investors could stand to get very rich. You can join them -- but you must act now. An eye-opening new presentation reveals the full story on why your credit card is about to be worthless -- and highlights one little-known company sitting at the epicenter of an earth-shaking movement that could hand early investors the kind of profits we haven't seen since the dot-com days. Click here to watch this stunning video.

Patrick Morris owns shares of Bank of America. The Motley Fool recommends Bank of America, Google (A shares), and Google (C shares). The Motley Fool owns shares of Bank of America, Google (A shares), and Google (C shares). Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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