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How Mobile Payments, Including MasterCard PayPass, Are Transforming Shopping(October 14, 2011)
NEW YORK, NY -- (Marketwire) -- 10/14/11 -- Technology isn't just about staying connected anymore; it's about making everyday life more efficient. The mobile phone, in particular, has become one of, if not the most important technology accessory with approximately five billion subscribers globally, according to the International Telecommunication Union. Now, consumers are poised for the next step -- using their smartphones as their wallet, or "mobile wallet" to be exact. According to a May 2011 survey by MasterCard Worldwide (conducted by Kelton Research), 62 percent of Americans who use a mobile phone would be open to using their device to make purchases wherever their errands may take them.
MasterCard's PayPass technology -- whether it's embedded in a mobile phone like the recently-launched Google Wallet or attached via a payment tag -- offers consumers a simple, easy and convenient way to pay for goods and services. And more importantly, PayPass technology is revolutionizing the shopping experience. All you have to do is Tap & Go at one of the hundreds of thousands of PayPass-accepting merchants around the world with a PayPass-enabled device.
Concerns have been raised in the industry around personal information and products such as the Google Wallet, but having MasterCard involved ensures the highest level of security. Currently, there are four layers of security that protect you and your confidential information when using an application like Google Wallet:
- Use of a pin code for your phone. Regardless of whether you're using your phone to make mobile payments or just to play Angry Birds, you should always use a pin to lock your phone.
- Use of a pin code to access Google Wallet. You're required to enter your pin to access the application and make mobile payments.
- Your payment credentials are stored in a chip called the Secure Element contained within your phone. The Secure Element is isolated from your phone's main operating system and hardware, and only authorized programs like Google Wallet can access the Secure Element to initiate a transaction.
- Zero-liability for fraudulent chargers. When using an app like Google Wallet powered by MasterCard, your credit is secured like any regular credit card transaction.
And think of this: a recent survey by First Data found that on average, people realize their wallet is missing after eight hours, while it takes only four minutes to realize a mobile phone has gone missing.
For more information visit www.MasterCard.com.
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