Home Office minister Alan Campbell has launched a new series of steps that will prevent the financial information of customers being compromised if their devices are lost or stolen.
It is to introduce security measures that mean any transactions above $16 will have to be verified through the use of a pin code - a method similar to that in place for current contactless card payment technology.
In addition, phones that are stolen will be deactivated as soon as possible to stop them from being used fraudulently.
"The payments industry is sensitive to customer concerns about security and has always set high standards for its products," director of the UK cards association Paul Marsh stated, adding that it has welcomed the opportunity to discuss the issue with the government.
In related news, the NTT docomo network in Japan recently announced that over ten million people now subscribe to DCMX, its mobile payment credit service.
Written by Written by Claire Archer