1 Thing to Always Remember About Mobile Payments

Bank of America and Wells Fargo each have major a presence in the payments industry, and while the changes there are alluring, investors need to keep one thing in mind surrounding them.

Patrick Morris
Patrick Morris
Apr 30, 2014 at 7:27AM
Financials

The shift to mobile payments is coming. But there is one thing investors must need to know about what to make of it.

The recent TRANSACT14 conference, which allowed individuals, institutions, and investors, to get a better glimpse into the future of the payments industry.

At it, executives from Bank of America Merchant Services -- a Bank of America (NYSE:BAC) and First Data joint venture -- Wells Fargo (NYSE:WFC) discussed the major changes coming to the payment landscape from the standpoint of the acquirers -- essentially those who act as the middlemen in the processing of a payment -- sat down to discuss their vision for the future.

While the discussion surrounding the payments industry spanned far and wide, from the potential changes as a result of new technology, of which the Bank of America Merchant Services executive said he was "excited" to witness, to concerns surrounding data breeches. In fact, all of them noted the Target data breech may one day be a good thing

Yet there was one critical takeaway everyone needs to remember surrounding the shifting payment landscape, and in the video below Fool contributor, Patrick Morris, outlines exactly what that is.