The value proposition for using mobile payments must be clearly stated to customers in order to change their behaviour from using plastic cards to mobile phones, says the Federal Reserve Bank of Boston following the completion of a research project that tested four mobile wallet models including NFC and QR codes. “While security issues remain a major barrier to mass mobile payment adoption and are being addressed by the industry, general consumer adoption is the real hurdle,” the bank says.
- PSCU reports 70% increase in US mobile debit card transactions
- Google Pay adds bill splitting, movie bookings and scratchcard rewards in Singapore
- Strong customer authentication requirements could cost European retailers €100bn in lost sales
- Edenred adds Apple Pay for UK prepaid cardholders
- Amazon lets customers pay with their palm at two US retail stores
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