Mobile payment systems gain traction

Meyer Malka walked up to the counter of a crowded Palo Alto cafe last week and ordered a small coffee and a hot chocolate. The total was $5.74, which he paid by lightly tapping the back of his mobile phone against a small plastic box next to the cash register.

Within seconds, the screen on the box displayed a message telling the cashier the payment was approved, and Malka received a text message saying the amount had been deducted from his account at a local credit union.

For years, analysts have been saying that mobile payment systems — which let consumers use their phones instead of debit or credit cards — are the wave of the future. Widespread adoption has been elusive, but now some analysts say the idea is gaining traction.

By Brandon Bailey

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Full Story: http://www.mercurynews.com/business/ci_14839266