Consumers Union questions safety of paying with smart phones
Wed, 08/25/2010 - 03:00 EDT - LA Times
The publisher of Consumer Reports calls on regulators to create protections for payments made with mobile devices.Paying for a shopping spree by waving a smart phone may be more exciting than swiping a credit card, but according to Consumers Union, it might not be as safe.
If you’re like millions of Americans, you likely have store credit cards from your favorite retailers somewhere in your wallet. You may have signed up to get a discount on your first purchase or to find out about exclusive deals before everyone else. Whatever the reason, that store credit card has made you a loyal customer.
If you’re a recent college graduate, you’re probably concerned about all things financial – from finding a full-time job to renting a home to saving for retirement to dealing with student loan debt. And in the midst of all that, you’ll have to decide how to use credit cards to better your own financial future.
Max Levchin is no stranger when it comes to revolutionizing the financial industry. He’s one of the cofounders of PayPal, the online payment service, where he served as CTO for 4 years before getting acquired by eBay for $1.5 billion. Now he wants to overhaul the financial industry again. This time, he’s making consumer finance as easy as swiping a credit card.
Using mobile devices to make peer-to-peer payments may not be a widely used service — yet. But they're poised to take off phenomenally. The service may even pave the way for using your smartphone to pay in-store.
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