Last week, Visa and Chevron announced the first ever mobile-pay enabled gas pumps. About 80% of customers at Chevron already use a credit card or debit card to purchase gas, but now, paying with your mobile device has never been easier. Mobile payment technology is already available in many gas station stores, but this will be the first effort at the gas pump. In addition, while there are apps available for use in some gas stations, this venture will use NFC technology, which requires just a tap of a smartphone.
Mobile payments and transactions are not only more convenient, but increasingly more secure than traditional forms of payment. Mobile payment transactions are expected to grow by 60 percent in 2015 and are predicted to reach $1 trillion by 2017. According to Gartner, by 2017 mobile commerce will represent 50 percent of all digital commerce revenue.
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