With preferences for carrying and using cash continuing to drop, more consumers expect merchants to accept debit or credit cards for payment. But not all merchants do, especially those that lack physical storefronts. Some industry insiders believe mobile-based products might help encourage them to accept electronic payments.

Judging from the discussions among peers at recent industry conferences and the spate of mobile-based products and services entering the market, the topic is on the minds of many in the industry as they consider their business plans.

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