it really scares me to the bones when I have to read that more and more people want to move payments onto the must untrustworthy technological platform nowadays available - The Mobile Phone.
Let's make it perfectly clear - we didn't manage to make the payment process via low tech cards (credit / debit cards) secure in a way that the process deserves it to be called "secure". Even the development of PCI DSS didn't help very much. Some conservative estimations say, that already ALL credit card number of US citizens have been leaked to the "Dark Web".
And now we're going to shift the whole mess onto a platform which is by far more insecure, by far more exploitable by the dark smurfs of the Internet and it's not the top priority of the mobile phone industry to change that for the better in the foreseeable future. Not to mention cloak'n'dagger state players fiddling with the phone technology.
People are serious thinking about replacing an insecure payment method by an even more insecure payment method! So there is only one question to ask: What is their agenda? They will definitely making big bucks by changing to another payment method because nobody with a sane mind would do it. Especially not if he has some interest not being robbed via his cellphone.
Read the WIRED article
Your Phone Will Replace Your Wallet at the ATM, Too - WIRED
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