SOURCE: Electronic Transactions Association
It's Not All About The Benjamins
ANCHOR LEAD: Many consumers are saying sayonara to cash and incorporating new payments styles into their everyday purchases. Brian Osuch has more. (:60)
SCRIPT: Technology Now, I'm Brian Osuch. The way we pay is drastically changing and we're now seeing the most incredible innovation in payment history within the last forty years with mobile payments. Jason Oxman is CEO of Electronic Transactions Association or (ETA)…
CUT: (Oxman) What's great about mobile payments is, it allows you to load your credit or debit card onto your phone securely, safely and reliably so that you can use your phone to tap to pay at literally millions of merchants in the US.
SCRIPT: Oxman says consumers love mobile technology and they're choosing electronic payments over cash, but how safe is it?
CUT: (Oxman) Your mobile payment has a token that it uses, that token is a mathematical representation of your credit or debit card account number. So, even if a thief is able, somehow to figure out how to intercept that transaction, they'd get a mathematical algorithm they couldn't do anything with because it's not your actual account number.
SCRIPT: For more on the future of electronic payments, go to Electran.org. That's Technology Now from Electronic Transaction Association.