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E-money set to be 'widely used' in UK
9 Feb 2011

E-money solutions could soon be widely used across the UK, according to an expert.

Bryan Glick, writing for the Computer Weekly website, pointed to the fact that a number of companies are embracing e-money technology.

He said: "In the first few weeks of this year, there have been an unprecedented set of announcements that suggest that the e-money wallet is about to become a widespread and viable technology."

Mr Glick added that the growth of electric money is closely linked to the development of near-field communication (NFC) technology, which allows mobile devices to conduct financial transactions.

Previously, phone manufacturers were unwilling to produce NFC chips for their handsets as many retailers did not accept mobile payments.

However, Apple has recently announced that its latest iPhone and iPad will be NFC-enabled, while Barclaycard, Orange and T-Mobile are set to create a mobile payment system.

Mr Glick stated that it is important to ensure such transactions are secure.