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Proximity mobile payments are defined as payments to a merchant that are initiated from a mobile phone. These payment are made by simply waving a mobile phone that uses Near Field Communication (NFC) technology near a merchant's point-of-sale device.
NFC-enabled mobile phones incorporate smart chips that allow the phones to securely store the payment application and consumer account information and to use the information as a "virtual payment card." While these smart chips can be present in many forms, this paper addresses three options: smart card based subscriber identity module (SIM) cards, embedded secure elements in the phone, and secure digital (SD) memory cards.
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