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Mobile payments 'more secure than credit cards'

Mobile payments 'more secure than credit cards'

Category: Credit cards

Updated: 24/02/2009
First Published: 23/02/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Credit cards could be replaced by mobile payments in the future, it has been suggested.

Steve Reynolds, chair of the Mobile Data Association, noted that security is likely to be the main barrier to such technology being adopted.

However, he noted that advancements will be made and this issue will be addressed.

According to Mr Reynolds, mobile phones can be disabled remotely - something that is "very difficult" to achieve with a credit card.

And he explained that 'proximity protection' could also be introduced, meaning a phone could not be used to make payments if it was taken away from its owner.

"If we put these security systems in place we may have a more secure system than the current credit card system," Mr Reynolds remarked.

Recent research by payment solution provider Ingenico revealed that although contactless cards and mobile payments are not widely used at present, half of respondents would consider using them.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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