Myths About Upcoming Mobile Payment Systems

Whenever there is a development in technology, there will be as many people saying it won’t work as there are who want to give it a try and make it part of their everyday life. As can be expected, there are myths about upcoming mobile payment systems.

The Myths

1.   Mobile payments are not regulated. This is not true as the United States along with the rest of the developed world already have strict banking laws and these will just incorporate mobile payments. There may be changes in the future if more networks emerge but at the present time, the present system is well regulated.

2.   Security will fail. This is the one area that there can be some concern about. Passwords will be entered when mobile payments are made and as the system is being used as part of a wireless network, there is a risk that in some cases they are being picked up. This however is being dealt with as a matter of urgency.

3.   This is no different to mobile banking that we are all used to. This is not true as all we do now is deal with our own bank, here the mobile payment can be paid to many different companies. Also called a proximity payment, this new system also allows money to go to other peoples bank accounts. As this is possible at the moment, it is more of an extension than a totally new capability.

4.   Security is going to be a problem. This is so wrong, it is untrue. There are additional security features that can be used with a phone that are not currently available with cards. A mobile phone can be locked when not in use whereas a stolen card can be used until it is cancelled.

These are just some of the myths about upcoming mobile payment systems. Apple has myths surrounding its use and the possibility of upgrades and the so called latest products not being able to do all that the new system can. This cannot be confirmed but staff seem to be carrying out a lot of maintenance to there could be something in the offing.

Feeling Safe

There is no reason to believe that with this type of mobile payment, you will be more likely to lose money than you would if you were using a credit or debit card. The myths are clearly easy to dispel as any mobile app that allows you to make payment will be fully checked out first. Future mobile phones such as the Android, the updated blackberries and iPhones will all have this new technology in the near future