Earlier this month, a number of mobile service providers announced plans to integrate smartphones and credit card data. Now, Verizon has announced that it has passed the initial Payment Card Industry Data Security Standard test for storing, processing and transferring card information.
Sys-Con Media, a technology news site, is reporting that Verizon is confident that it has the ability to keep consumer data safe as it moves forward with its plans to make shopping a little easier for consumers. The idea behind smartphone and credit card integration is that wallets will be replaced with the new digital method of payment.
The mobile service providers also hope that giving consumers the ability to manage their finances on the go will help deter debt. Many Americans are still struggling to pay their expenses as the economy slowly recovers.
Consumers finding difficulty repaying their debt could consider consolidation. By combining owed money and taking out a loan with a lower interest rate, borrowers can reduce their monthly payments.