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Electronic money mobile payments 'to take off in 2011'
22 Dec 2009

Using mobile phone technology and electronic money to pay for goods is predicted to become more mainstream in 2011, according to global consultancy firm Frost and Sullivan.

Company analyst Yiru Zhong suggests that industry demand for more complex banking and payment systems is likely to increase as Near Field Communication comes into force in 2011-2012. 

He adds that the industry anticipates "a fight for a dominant payment form to buoy the smart card sector". 

Mr Zhong goes on to advise that as payments habits such as these become more entrenched, it will allow countries to avoid traditional methods of payment, which will provide revenue to smart card vendors.

Among other benefits, the analyst states that the use of contactless payment cards and electronic money devices increases the speed of transactions. 

Smart cards such as sQuidcards allow users to pay for everyday items using swipe and go technology without having to fumble for change or enter a pin number.