Mobile money prospects take a bashing

Posted: March 18, 2011 in Apple, Future, Mobile, mobile wallet, NFC
Tags: , , , , , , , ,
First 4 digits of a credit card

Image via Wikipedia

It’s been a bad few days for the mobile money business with the rumour mill in full spate that iPhone 5 won’t be packing an NFC “wave and pay” chip when it launches In June. Well, in truth, we don’t even know if iPhone 5 will roll out then, despite all the supposed leaks from sources, industry insiders and those close to the discussions.

More substantial – and damaging – was the open letter from the boss of Verifone attacking mobile payments rival Square over what he said were serious security flaws with the mobile card reading system.

Square’s CEO Jack Dorsey hit back at the allegations saying they were neither fair nor accurate and ignored protections that come with credit cards.

Whatever the merits of their respective cases the spat sows doubt about the security of mobile payments and makes the job of rolling out the mobile wallet that much harder.

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