8) Your next wallet is a phone. Discuss.

Mobile payments have been going strong in countries like Japan and
Finland for years now. In the U.S., however, its taken longer for mobile
payments to get a hold on consumers. That’s all about to change. Late model mobile devices like Apple’s iPhone and Google Android-based
phones now offer consumers a host of applications for sending electronic payments
to friends and merchants.

Mobile payments have been going strong in countries like Japan and
Finland for years now. In the U.S., however, its taken longer for mobile
payments to get a hold on consumers. That’s all about to change. Late model mobile devices like Apple’s iPhone and Google Android-based
phones now offer consumers a host of applications for sending electronic payments
to friends and merchants. Mobile payments through Paypal are still a small
slice of overall payment volume, but they’re growing at an almost exponential
rate. Other firms are rushing into the space, too, including startups like
FaceCash,
which use mobile device features like cameras and apps to link individuals,
their bank accounts and eager merchants. While attacks that
target mobile devices are, likewise, a sliver of the overall malware pie,
cybercriminals are beginning to get hip to the opportunities that abound once
savvy consumers start using their phones as wallets. And we’ve reported that there are signs already that, as with the Windows world, security is taking a back seat to feature development on mobile banking and payments applications. For now, if you’re
planning to make phone based purchases – holiday themed or otherwise – beware
of suspicious mobile applications pushed to you via SMS or MMS links and make
sure to protect your mobile phone with a password and, if possible, anti virus software and data encryption
for stored data.

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