Randy Vanderhoof, executive director of the Smart Card Alliance, analyzes three versions of near-field communication (NFC) mobile payment technologies to determine the best approach for banks. Vanderhoof argues that the difference between the NFC technologies hinges on who controls the security of the mobile payments by controlling the “secure element” that stores cardholder credentials and account data. The benefit of Google Wallet is that the NFC technology is built into the phone and the reliance on well-known players in the industry, such as First Data, MasterCard Citibank and Sprint.

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