Mobile Payments are on the Rise, but How Safe are They?
Mobile Payments are on the Rise, but How Safe are They?
CBS News, By Chenda Ngak
In today’s wired world, buying a cup of coffee no longer requires pulling out your wallet. Instead, you can use your smartphone. Companies have developed a variety of approaches to mobile payments.
Smartphone owners in the U.S. bought $500 million worth of goods and services using mobile wallet apps in 2012. It’s predicted that number will explode to $35 billion by 2017.
Mobile apps like Square Wallet use your phone’s GPS to let a store know you've arrived. Tell the cashier your name, your picture pops up on their screen, and the money for your purchase is deducted from your bank account.
Venmo, a startup owned by PayPal, is another mobile payment app that’s gaining traction. Venmo, and competitors like Square Cash, let friends exchange cash via email. Read more.
Mobile Payments are on the Rise, but How Safe are They?
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