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The New Smart Money

Can I get your number? Mobile commerce makes purchasing as simple as waving your smartphone at the register.

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This story appears in the March 2011 issue of Entrepreneur. Subscribe »

You know the clunky, unsightly cash register occupying all that real estate in your place of business? Say goodbye. It's now a paperweight--a fossil, a relic of a bygone era where cash and plastic reigned supreme. The future of point-of-sale transaction processing lies in the mobile phone, the one thing your customers carry with them wherever they go--the one thing they absolutely never leave home without.

Merchants have heard this prognostication before, of course. Pundits have forecasted the emergence of mobile wallets for roughly a decade. The tech sector has promised--but failed to deliver--a secure, alternative payment system that would accelerate the transaction process, increase customer spending and streamline operations. The kind of system that would be a godsend for verticals like quick-service restaurants and convenience stores. But mobile commerce always failed to take off.

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