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Indeed, finding the right partnership will be crucial, said Todd Ablowitz, the president of Double Diamond Group LLC of Centennial, Colo.

“Clearly, for anything to roll out you need a big entity to capture it, or you need a viral uptake,” he said. “When you’re talking about getting a hard product into people’s hands, it’s pretty rare that you’ll get a viral uptake.”

Ablowitz said it is difficult to determine Sqwizz’s viability because of the unknowns about NFC technology. “If [NFC] is like other things in payments like I’ve seen, it’ll settle out in a way that a bunch of people will sort of ask a question or two about security and quickly get comfortable,” he said, noting a small but vocal percentage of consumers will have security concerns based on their interpretations of the product.

In that case, “I’m not sure there is enough of a market for an alternative device,” Ablowitz said. “I think those people are more likely to stick with what they have.”

American Banker, March 2, 2011