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One of the potential benefits is increased security compared to cards with magnetic stripes, which can be copied surreptitiously.
“This is about creating a compelling model and asking folks to join,” Bedier said.
Banks and payment processors such as MasterCard and Visa like the idea of mobile payments, but have their own designs on the space. Visa already has announced plans for its own wallet. MasterCard is collaborating with Google but is working on its own projects.
“Today’s announcement is another early salvo in what will be a long and hard-fought battle to change consumers’ payment behavior and, as a potential result, the makeup of the payments landscape,” said Forrester Research analyst Charles Golvin.
Peter Svensson can be reached at http://twitter.com/petersvensson
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