House holds a hearing on the security of mobile payments

03/23/2012 | AmericanBanker.com (free registration)

Mobile-payment security issues were the subject of a House Financial Services subcommittee hearing. Ed McLaughlin, MasterCard's chief emerging payments officer, said cell phone swipes were more secure than credit or debit cards and that the company "would not move toward this payment environment unless we could enhance the security of what we're doing." The hearing also considered possible regulations and who would oversee them. Two more hearings are scheduled this spring.

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