Security concerns overshadow mobile point-to-point payments

Security concerns overshadow mobile point-to-point payments
Tags: Bank / Credit Union, Debit / Credit, EMV, Multifunction ATMs, North America, Regulatory Issues, Security, Transaction Processing, Trends / Statistics, Wireless
March 18, 2008

NewsFactor.com: While consumers are interested in mobile point-to-point (P2P) banking, security fears may be to blame for its slow adoption. The real risks in mobile P2P banking may be in user behavior —particularly by young people, who have fewer financial assets but are more haphazard with technology. However, mobile P2P banking is expected to be successful.

More and more vendors are rolling out technology that will allow consumers to use cell phones to do their banking. They're just waiting for customers to start using these technologies. While it will happen eventually, these companies should have some patience, because consumers still are wary about the perceived risks.