According to MasterCard, wide adoption of contactless mobile payments in the U.S. is still “a couple of years” away, reports Reuters.
Despite fervent recent activity from major U.S. banks, mobile phone companies and card processing networks, including MasterCard, Visa and Discover, barriers still remain keeping the technology from achieving wide use.
According to Robert Reeg, MasterCard’s president of global technology and operations, the problem lies on the part of retailers, who have yet to install the necessary equipment to accept POS mobile payments. Additionally, many consumers are uncomfortable with the idea of paying with their phones, says Reeg.
“It’s still got a ways to go … I think you’re still talking a couple of years,” he told Reuters, allowing that the technology is “more available than people think.”
MasterCard is currently conducting 20 different mobile payment tests around the world, according to Reeg, who foresees the total value mobile payments in North America jumping from $1.4 billion to about $23 billion.
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