"Paper, Plastic... Or Mobile?": FTC Issues Staff Report On Mobile Payments

On Friday the FTC issued a staff report titled "Paper, Plastic . . . or Mobile?: An FTC Workshop on Mobile Payments" addressing mobile payments and its effects on consumers and highlighting potential areas of concern. The staff report follows a workshop held last year on the same issues.

The report discusses the benefits that mobile payments offer consumers, including the ease and convenience of purchasing goods and services, the potential to lower transaction costs, and the ability to provide underserved communities with greater access to alternative payment systems.  Despite the benefits, the report notes three primary areas of concern for consumers: dispute resolution, data security, and privacy.