President Obama has enacted a new executive order to protect federal and government payment systems on Friday, as more cases of fraud and data hacks are brought into the public eye.

Making an appearance at the Consumer Financial Protection Bureau, Obama claimed it should be easier for customers to buy products without worrying about their personal information or savings being accessed.

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This comes off the back of many high profile scandals and more fraudulent activity on a daily basis. Having these new security tools in place will not only offer better technological solutions, but might make credit card and cash machine manufacturers more inclined to push new technology forward.

Obama didn't reveal the details about what paths federal and government institutions should take, but the goal is to make payment services easier and safer. This could come through contactless payment, personal identification numbers and hard-to-clone microchips.

He said one industry standard should be made available through this new order. The National Security Council and the Office of Management and Budget will draw out a plan and make it available to all agencies in the coming weeks.

There have been plenty of advancements in the payments industry over the last five years, including mobile payments like Square, PayPal Here and of course, the recently announced Apple Pay - offering more security through phone encryption and less information about the customer on file.

These mobile payment solutions have been hit-or-miss, with the mass amount of stores in the U.S. still sticking to credit and debit cards. In the next five years, this could all change, with big commercial chains like McDonalds, Starbucks, Walmart and Best Buy all adopting some sort of contactless and mobile payment option.

TagsPresident Obama, The White House, The Obama Administration, Credit Cards, payment solutions