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Smartphones to drive development of contactless e-money payments
9 Nov 2010

Smartphones will play a key role in the development of contactless e-money payments, it has been claimed.

Contactless payments are becoming increasingly popular in the UK, with research by Barclays and Barclaycard showing that over one million transactions have already been made in 2010. 

Neil Munroe, a spokesman for professional services firm Equifax, expressed his belief that smartphones could be the "key enabler" in the development of the technology.

He added that that manufacturers will be trying to develop one device that offers a range of functions to their customers.

"Anybody who can generate one piece of equipment that does as many of those things that you would have to do with separate cards or phones will probably succeed," he said.

Mr Munroe did state, however, that more traditional payment forms will be around for a few years yet "because you have to allow for people's confidence to build and get used to these things".