The Los Angeles Times reports this morning that Consumers Union is questioning the safety of using smart phones to pay for transactions and has called on legislators “to implement protective standards on mobile payments. Federal law currently shields credit or debit card holders from many charges associated with lost, stolen or misused cards. But without industry-wide rules for ‘digital wallet’ providers, consumers could risk losing money through fraud, merchant disputes or processing mistakes, the group said.”
- KC's View:
- Good point. An excellent example of how legislation needs to match the technology.