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Mobile payment structure may change

July 16, 2013

As mobile payments become more popular among both businesses and consumers, the ways they are used could be transforming.

As mobile payments become more popular among both businesses and consumers, the ways they are used could be transforming.

This is what Javelin Strategy and Research projected in a recent report. According to Credit Union Times, the report felt that passwords may be going by the wayside, as other options may help improve mobile credit card processing. One change that will help facilitate this is the potential for EMV technology to take over in the next few years. This technology, also known as chip-and-PIN, could help cut down on fraud.

Another way that may help increase alternative payment options is the adoption of mobile phones, the report explained. This can help boost security, as every phone is unique. Not only can businesses and consumers benefit from the potential fraud deduction, but financial institutions and credit card processing companies may also see a boost in security.

Mobile payment security is a hot button issue for many Americans. A report from Accenture noted that only 16 percent of consumers are making mobile payments, even though more than 40 percent know this is an option. Another 45 percent indicated they are still concerned about payment security.

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