Consumers Union questions safety of paying with smart phones
Wed, 08/25/2010 - 02:00 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.
OTTAWA — The federal Opposition on Monday called on the Harper government to stop credit card companies from charging businesses higher fees for using premium cards.
The call came as a federal competition tribunal prepared to rule on whether Visa and MasterCard are engaging in anti-competitive behaviour.
Small business groups hope the tribunal will recommend that Ottawa forbid the major credit card companies from forcing retailers to accept cards that carry higher payment processing fees.
In a letter to Facebook CEO Mark Zuckerberg, the publisher of Consumer Reports asks that the company beef up its efforts to keep children under 13 off the site.The publisher of Consumer Reports magazine called on Facebook Inc.
By William Meyers: Marvell Technology (MRVL) makes semiconductor chips for hard disk drives, cell phones, networking and other devices. They have long dominated the HDD market, but have struggled in the smart phone market. In their second quarter of fiscal 2011 (Q2), ending July 30th, we probably saw an inflection point for smart phones based on Marvell chips.
Oddly, Felix Salmon and I find ourselves on different sides of a debate over credit card rates--and he is taking the side of the banks. Felix is worried about an impending rule against putting "floors" on credit card interest rates: