As with anything new and unfamiliar, the emerging mobile payments system has a number of misconceptions about it. But as this system grows more robust here in the United States, it is important to clarify the fact and fiction surrounding mobile payments.
Cindy Merritt, assistant director of the Atlanta Fed's Retail Payments Risk Forum, does just that in a recent interview and blog post. The interview with Merritt, featured on the online payments industry forum PYMNTS.com, highlighted some common misperceptions about mobile payments. Among other things, she explained the difference between mobile banking and mobile payments and discussed myths related to the regulation and security of payments made from the "mobile wallet."
Want to learn more? Listen to the PYMNTS.com interview, read Cindy's post on Portals and Rails, or read the Forum's recent white paper on how a successful mobile payments system could evolve in the United States.