Programmers are much in demand with credit card companies

Technology has reached unimaginable levels. All one needs to do to be tech savvy and smart these days, is to download the iConcessionStand smart phone app. Then, one can order cold beer or hot dogs through their mobile phones, as well as pay through PayPal by transferring the money to a food court nearby. Pop-up alerts will appear once the order is ready.

A unit of eBay - PayPal makes at least 3% on the transaction, although the PayPal`s engineers did not build this app. IConcessionStand is one of those apps designed by engineers who use the PayPal X software. This software tool allows programmers to design the technology of PayPal`s payment processing into their products. This would help generate revenue of at least a billion dollars through transactions for PayPal this year alone.

Major card companies are replicating this model, where they are looking at ways and means to make their presence felt in mobile and online transactions. This past year alone, AmEx, Visa, as well as MasterCard have spent around three billion dollars to purchase payment processors that are net based.

Just like PayPal, these card processors are opening up their networks and are on the lookout for outside programmers. This is done keeping in mind that they should not be limiting their choices. The main goal is to remain dominant. It does not matter if the payments are made through a smart phone or a web based program. Around 12% to 14% of payments will be processed via PayPal through the e-commerce networks by the next year.

Verizon, AT&T, and T-Mobile has teamed up to build Isis - a mobile payments company. These new technology startups will help make mobile as well as online payments much easier, and thus be able to capture a major portion of the market.

This new approach by cardholders would enable them to make payments easily without having to undergo the ordeal of providing their card numbers as well as the billing addresses over and over again. Payments will go through more quickly, with users having to only use the password, user name and authorize the transactions. Embracing third party software technology is a huge change for these networks. When this was envisioned by venture capitalist Marc Amdreesen, who was instrumental in developing the first mainstream web browser in the world in 1999, he failed to get the approval of the card company networks.

Jennifer Brown

Jennifer Brown, an external business consultant working with a Fortune 500 company, has years of experience to her credit. Despite having a busy schedule through the day, she takes time out to write articles dealing with credit cards, payday loans and other financial aspects. She has completed her Bachelor degree in Financial Services from Columbia University and has been actively involved in various activities for the betterment of society.