According to many industry experts, 2011 saw an increase in the total amount of venture capitalists' investments in mobile payment technology.
In a recent article for Fierce Mobile Content, editor Sue Marek writes that investment in the sector topped $6.3 billion, significantly higher than the $4.5 billion it received in 2010 and a $2.1 billion investment in 2009, according to a study by Rutberg and Company.
The managing director of Rutberg and Company, Rajeev Chand, said in an interview with the news outlet that the industry was making significant progress. He said that many of the firms in the sector had begun to bring in significant revenue.
"Last year it was all about getting users and eyeballs," Chand said in an interview with the source. "Today some of these companies are getting a quality level of revenues ... we are seeing some transition from eyeballs to revenues."
Some of the most well-regarded names in the sector have been hard at work, hoping to develop the best payment system to date. Google, Intel and Qualcomm have all begun pouring dollars into the next big mobile product.
