After a hack into 7-Eleven mobile payment feature, Japan's prime minister wants 40% of consumer payments to be cashless by 2025:
This is an excerpt from a story delivered exclusively to Business Insider Intelligence Payments & Commerce subscribers.Hackers exploited a flaw in a mobile payment feature introduced by 7-Eleven Japan on July 1 to target 900 accounts and use them to make $500,000 in purchases, causing the retailer to shut down the program, according toThe feature enabled in-store customers to scan a product's barcode and charge a credit or debit card they linked to their account.
The retailer has responded by preventing consumers from registering for the feature or making payments through it, and it also intends to compensate affected users. The hack has drawn the attention of Japan's Ministry of Economy, Trade, and Industry, which determined that 7-Eleven didn't follow the necessary processes to avoid unauthorized access to accounts,Mobile payment service operators are required to confirm the link between consumers' devices and the apps downloaded on them under guidelines set up by the Payments Japan Association, but 7-Eleven failed to do so.
If this hack leads to greater oversight from Japan's government, it could hinder the country's mobile payments market as it heats up. A number of companies are working on mobile payments initiatives in Japan, where Prime Minister Shinzo Abe wants
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