Oh Shoot, I Lost My (Mobile) Wallet

  • Phone Verification

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.