In the consumer technology industry, there may not be a technology that is growing at the pace that mobile payments are growing. More and more companies are finding that they want to get in on the mobile payments sector as more and more consumers indicate that they want to be able to use it. Starbucks is one company that has leveraged the mobile payments industry to their own advantage and has managed to look like a mover and shaker because of it.

Coffee shops and retail restaurants are just two of the types of businesses that are trying to get more involved in the mobile payment experience. Restaurants and cafes are looking to make their name in the sector as well. Larkburger is just the latest restaurant chain that is dipping its toes in the mobile payment water. Of course, it isn’t just retail companies that are trying desperately to get in on the action. There are many, many companies that are trying to put together their own application, just so they can beat out the competition and this is actually causing a bit of a problem for the industry as a whole.

While there is a large number of people who trust and use mobile payments as often as they can, there is another group who do not trust or use it at all. These people are worried about the security of the data they are transmitting and using a different type of service at each store they hit in a day isn’t helping to assuage those fears. In the long run, finding a way to standardize the payment system across all companies is going to be the biggest key. Just like regular dollars and cents, having a method of payment that a consumer can lean on from one stop to the next will only grow the industry. 

Juniper Research (News - Alert) recently issued a forecast saying they believe mobile payments transactions will top the $50 billion mark by 2014. If the industry is to hit that mark they are also going to have to make it clear they are all using the most advanced encryption security. The most important thing, when it comes to assuaging fears is to make their methods of security as well known as possible. Getting the message out will be key to growth in the coming years.

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