PA's mobile business expert Ted Bissell recently spoke with freelance reporter Erika Morphy about the viability of contactless payments via smartphones picking up steam in the US and supplanting the use of credit and debit cards.
Ted points out that contactless payment technology has not taken off in the US and that in Japan, more than 60 percent of mobile phones have contactless capability and in South Korea, the technology has already reached the mass market.
He continues: "In the US, mobile network operators and financial institutions have not yet resolved questions of customer ownership, credit risk, supply of mobile e-wallets and compliance with banking regulations.
Ted concludes: "One thing that will be interesting to watch as this partnership unfolds, is how the mobile operators and financial institutions decide to divide up the revenues accruing around mobile payments."
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