Mobile Payment Apps
PALM DESERT - They're new. They're hip. They're fast. We're talking about mobile payment apps that let you pay for products with the wave of your phone. $240 billion dollars in these mobile transactions took place in 2011 and that number is expected to hit more than $1 TRILLION by 2015. But are your hard earned savings and financial information safe when you pay by phone? Even the feds are concerned about this latest replacement for cash and will be holding a hearing soon so consumers know the pluses and minuses.
The FTC says before you download a mobile payment app be sure to find out: Who can you call if something goes wrong? Can you dispute purchases with the mobile payment provider? How can you get your money back? Does the company provide protection for fraudulent transactions? And another concern: Who's tracking your buying habits?