Mobiledia examine the mobile banking industry and find that despite retailers, financial institutions, carriers and phone makers all banking on mobile payments, the emerging industry could hit a significant roadblock: reluctant consumers, concerned about privacy and security:
“E-wallet technology is set to mainstream within the next decade, with consumers paying for purchases with mobile devices in both stores and online. A survey of industry experts by Elon University and Pew Research projects mobile payments will saturate marketplaces by 2020, offering merchants and consumers ease and convenience with financial transactions.
“We have already witnessed the transition from cash to debit and credit cards,” said Christian Huitema, a Microsoft engineer surveyed by Pew and Elon. “The electronic wallet is not much more than a virtual card, in which near-field wireless communication replaces the reading of a magnetic stripe.”
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