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Mophie, Intuit team up to integrate credit cards with iPhones
By Marvin Milner on Aug 30th, 2010
In the beginning of August, mobile service providers announced plans to integrate credit card data and smartphones. Intuit, a software company, and mobile phone developer, Mophie, have teamed up to get in on the action.
The partners have announced that they plan to create an attachment for the Apple iPhone for users to swipe their cards to make purchases online, Wired reports. Unlike other plans unveiled by mobile service providers thus far, this program comes with the attachment, merchant account and payment application. All consumers need for their shopping needs with this device is their iPhone 3G or 3GS.
"[The credit card and user information] is basically data that the hardware has encrypted, so the iPhone sees it as just an encrypted packet of data," Morphie vice president Ross Howe told Wired.
Analysts say that the programs that issuers and mobile service providers are developing may also help consumers better manage their accounts. This may help card holders reduce debt in the long run.
Those struggling with credit card debt could consider consolidation to reduce their monthly payments. Combining debt and taking out a loan with a lower interest rate can leave borrowers with more money to put toward savings.
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