

Ask HN: The Future of Mobile Payments Processing - bbissoon

Hi HN, I&#x27;m working on a project and I just wanted to get a general feel from peers with a pulse on public perception.
I&#x27;m caught between working on hardware to read banking cards via the audio jack and via optics (i.e. Card IO). Also as a heads up, I&#x27;m keenly aware of Apple phasing out the audio jack in favor of their lightning interface and the pros and cons of both implementations.<p>The problem is while this optic based data extraction is low-cost and democratizes card data gathering amongst other things, I don&#x27;t believe it will grow in popularity because people generally don&#x27;t trust the technology with private data. The concept of you putting your banking card up in a specific frame and a snapshot taken (even though it&#x27;s not saved) will not resonate with a society already plagued with various privacy concerns. It will also be hard to process the numbers on older, heavily use cards with recessed numbers etc.<p>I&#x27;m curious to know what you all think about this growing movement of data extraction at the cross section of mobile payment processing.<p>Thank you.
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davidholmesnyc
To be honest I don't see room in the mobile payments market anymore for third
parties. I see Apple pay,Google wallet,PayPal and Amazon taken up 95% of the
pie in 5-10 years.

