The mobile (m)-payments market is taking a new step towards simpler and cost-effective solutions. Recently introduced payment options using mobile phones integrate near-field communication (NFC) technology with a cloud-based system. With this approach, cardholders' account details will no longer be stored on a secure element within a mobile phone, but will instead be maintained in the cloud. Frost & Sullivan believes that successful combinations of NFC and cloud will require solutions to help mitigate the security risks involved in data transmission.
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