The UpTeq NFC acts as a tamper-proof secure element for consumers' confidential credentials and payment data and is a crucial part of enabling NFC transactions.
It will require an app-specific PIN and in the first release, all payment card credentials will be encrypted and stored on a chip, called the secure element, that is separate from the Android device memory and is only accessible by authorized programs.
Or as an economist might put it, if there are positive externalities generated by a business (good things for the wider economy for which the company doesn't receive direct financial payment), the chief executive is already being amply rewarded for them by a surplus element in his or her pay.