The launch of the first mobile payments system in the UK will cause a shift in the traditional model of banking, according to Barclaycard.
By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
Speaking to Computer Weekly, Thomas Gregory, head of digital payments at Barclaycard, said, "The launch of the first mobile payments system in the UK is a major development for Barclaycard as a business and for how people pay for goods in the UK.
"Longer term it will no doubt cause a shift in the traditional model of banking - but that is for retail banks to adapt to."
The biggest breakthrough in the mobile payment market has been in developing countries, providing bank services via mobile phones for people who have traditionally not had bank accounts. This is the first time a mobile payment system will be widely available in the UK.
Gregory said UK banks must adapt to new technologies. "Like many other industries, banking needs to continually evolve to remain successful," he said.
"As with credit and debit cards, security in mobile payments is of paramount concern and as a result, the new mobile payment technology has been developed and rigorously tested to ensure customers' transactions and personal data will be protected and secure," he said.