Consumer Security Necessary For Mobile-Payment Adoption, ISO says

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Consumer adoption is necessary for the success of mobile payments, yet consumers may be leery of using the payment technology because of data-security concerns, says Wayne Keddy, CEO of Granite Payment Alliance, a Roseville, Calif.-based independent sales organization. Merchant data breaches and the loss of consumer card data to fraudsters have increased consumer security concerns, "so how do you assure the public that if they use their cell phone to create a transaction that they are not going to be hacked into?" Keddy asks. Getting consumers comfortable with using their mobile devices for banking is the first step to consumers initiating payments with their mobile devices, says Lisa Stanton, CEO of Monitise Americas LLC (CardLine, 12/24). "We want to get everybody comfortable with thinking about doing something financial with their mobile device," says Stanton. "The short next step is mobile payments."