Could ‘mobile wallets’ replace cash, credit cards?
DENVER — Paying for coffee, groceries and everyday expenses — simply by tapping your smartphone seems like the ultimate convenience.
But while moving towards mobile payments there are questions about keeping those transactions secure.
Mobile payments also pose similar concerns to those that have plagued search engines and social media sites — how much personal information are consumers willing to hand over to retailers with each transaction?
But, there could be some advantages to the all-digital approach.
For example, the information that you put on your mobile wallet can typically be encrypted in a way that would make it more difficult for thieves to use that information than if they just had your credit card.
Still, adopting an option like Google Wallet — which only launched last September — remains far off for a lot of consumers not ready to cash in their real wallets quite yet.