However, Mike Hawkes, chairman of the Mobile Data Association, said that innovation in payments security is being held back, because there is a culture within payment industries of avoiding new technology.
"I have struggled for the best part of three and a half years to get any bank to engage with new innovative security products," he said, "but the way the banks operate, the security people are paid by projects, so unless there is a project that needs your product they'll go with what's already there.
"We've got to start to innovate in this area. I've seen some amazing products that can solve a lot of these problems, but getting them into the mainstream in this country is almost impossible."
Hawkes said there should be an innovation centre for UK mobile payment industries, where all of the security companies and all of the various industries can get together and actually innovate.
"Use the technologies that are there, put it together, create sandboxes and play with real-world examples. This should be all of the banks working together to solve this problem," he said.
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