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As mobile payment systems mature, they still face several hurdles to adoption. Some of these problems are as much cultural as they are technological.
World Wide Woes
There is no global standard for mobile payments, particularly in countries with mature economies that are building mobile on top of their existing systems. This is creating compatibility problems. "If I can send you a text message knowing your phone number no matter where you are in the world, then I should be able to send you money" in a similar manner, said Ather Williams, head of global transaction services at Bank of America Merrill Lynch.