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
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.