With millions spent by financial institutions each year on finding new ways to secure EFTPOS and credit cards, could the solution to better banking security be to simply do away with plastic altogether?
"My opinion on card device security is that we will move away from cards," Dr Wright said during a panel discussion on the CeBit Future of Payments conference in Sydney.
"We have devices — smart watches, Nike wristbands — all sorts of fun and funky things which can act as near field devices," he said.
"At the end of the day we all have [mobile phones]… and they are getting cheaper every single year. And we will find people not leaving home without them, but they will leave home without their wallet.
"The future view, absolutely, I agree that is where it is going, but it will actually take a while to get there. The [United] States is an interesting example. They are talking about deploying EMV [Europay, Mastercard and Visa] chips – contactless or not – on physical pieces of plastic because it will take the market so long to move to the point where everyone is using their mobile [for payments]."
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"My opinion on card device security is that we will move away from cards," Dr Wright said during a panel discussion on the CeBit Future of Payments conference in Sydney.
"We have devices — smart watches, Nike wristbands — all sorts of fun and funky things which can act as near field devices," he said.
"At the end of the day we all have [mobile phones]… and they are getting cheaper every single year. And we will find people not leaving home without them, but they will leave home without their wallet.
"The future view, absolutely, I agree that is where it is going, but it will actually take a while to get there. The [United] States is an interesting example. They are talking about deploying EMV [Europay, Mastercard and Visa] chips – contactless or not – on physical pieces of plastic because it will take the market so long to move to the point where everyone is using their mobile [for payments]."
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