Insurance2go has become the first company to offer fraud insurance for NFC payments in anticipation of a mobile wallet boom later this year.
The company launched the service, which covers its current UK customers using mobile wallet technology at no extra cost, according to Mobilechoices.co.uk.
“With this new payment system mobile phones will become even more attractive to thieves,” Duncan Spencer, managing director at Insurance2go, told Mobile Choices. “It would be incredibly frustrating to have your phone covered for loss and theft only to find out after it had been stolen that someone had run up a significant bill on a shopping spree before you’d had time to block the phone.”
According to Insurance2go, roughly 60,000 shops in the UK are expected to adopt NFC payments by the end of the year, corroborating research firm KPMG’s prediction that mobile payments will be “mainstream for consumers within four years.”
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