As mobile payments become more and more mainstream, the
concept is starting to lose its initial luster of convenience as more consumers
question the security. Some consumers may not even realize the difference
between mobile wallets and other mobile payments. As mentioned in our previous
blog about mobile
payments, there are three different types.
Mobile commerce is simply buying
something from the Internet browser on your smartphone while mobile mPayments
is the use of applications to take payment. Mobile wallets function in a manner
that aims to replace/act as your wallet. This function stores your credit card
information in your phone and then can be swiped or presented in lieu of
bringing in your entire wallet. It is designed to literally be your wallet.
Sounds great, right? There are serious risks of identity theft and other theft
involved with these new technologies.