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20:39 8th February 2011
IT industry developments have allowed the creation of contactless payment methods and these are set to be used for small transactions, according to Neil Munroe, spokesman for Equifax.
Mr Munroe said mobile payment methods will encourage consumers to buy more and that they won't bring down the use of credit cards.
"Once people get used to it they will probably have a little bit of reticence about using it for large transactions," he said.
"The positioning of it will be very much more around using it for [smaller] transactions," he speculated.
His comments emerged as eWise, a financial management solution provider, announced the launch of its mobile payment application.
eWise payo mobile, the new app, will allow people to buy goods from any of their accounts. Users will also receive their account balances on their mobile when they purchase something.
By using eWise, consumers won't be forced to share their personal financial data with any third parties.
Posted by Hannah James
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