The marked increase in the number of people that have replaced their old mobile phones with newer smartphones is likely to have an impact on the payment industry.
This is the opinion of founder and chief executive officer of mPowa.com Dan Wagner, who suggested that the implementation of apps that help mobile payments are likely to facilitate this.
Indeed, ministers in Whitehall recently suggested it was considering introducing a new smart ticketing system that would allow people to pay for bus and train journeys using their mobile phones.
Mr Wagner said the market for mobile phone payments is constantly changing and as such companies need to be very flexible to deal with this.
"With smartphones now ubiquitous, it seemed a natural progression that they are now being used by consumers to make payments. At the centre of any solution must be usability and security," Mr Wagner was quoted as saying.
Posted by Peter Robinson