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Todd Ablowitz, president of Denver-based Double Diamond Group, a consulting firm that focuses on payments strategy technologies and products told creditcards.com: “Although mobile payments is the future, you’re not going to move all that overnight to magical phones.”

“So these are step innovations, rather than leap innovations. Some are very much needed, and some are probably not going to make it.”

Magnetic strips contact just 70 bytes of memory. By comparison, a CD can hold 800MB, or enough information for storing 12million credit cards.

Daily Mail, March 10, 2011