CYBER security experts say mobile payment technology is developing unchecked and it is time governments stepped in to ensure the system is safe for consumers to use. Adjunct professor of computer science at QUT, Bill Caelli, said big business was sacrificing security for convenience.

“We have an explosion of these types of products coming out which are based on providing payments and services on the smartphone,” he said. “It’s happening in a totally unregulated, laissez-faire, free-market environment.”

via Courier Mail.