Report: Mobile payment technology a hot topic

Ecommerce solutions were, until recently, synonymous with payment gateways that enable websites to process online payments.

Recently, however, a new sub-field has emerged - mobile payments technology. Part of the rise in mobile payment is a direct extension of traditional ecommerce, tailored for the mobility and smaller screen size of mobile devices.

Another important aspect, however, involves the integration of ecommerce with traditional retail. New payment gateways enable smartphone owners to use their phones to pay for purchases online and in stores, from a single account.

According to a recent Street report, small business owners, in particular, would do well to begin educating themselves about mobile payment technology.

The report cites an Aite Group study, which claimed that "firms that are missing the signs that the market is now rapidly shifting toward mobile payments will be at a serious disadvantage in the next few years, which will be reminiscent of the mid-1990s, where ecommerce champions … planted their seeds and grew."

Some experts note that new mobile payment technology has made traditionally expensive tasks, such as accepting on-site credit card payments, accessible to small businesses.