There has been some debate within the merchant services industry as to how secure mobile payments are when it comes to protecting data.
In a recent interview with U.S. News and World reports, Sarah Jane Hughes, a commercial law professor at Indiana University, said that while mobile payment systems such as Isis Mobile Wallet, Square, Google Wallet and LevelUp were easier than traditional payment processes, the merchants should know about certain liabilities and other provisions.
“The first two days, you’re pretty well-covered. After that, the liability can go up to $500,” Hughes told the source. “And if you don’t do it relatively promptly, it can go up beyond $500.” She also warned consumers that “[a]nybody who is going to do a payment through a mobile phone needs to be paying close attention to their account.”
Mobile payment systems are gaining popularity around world. At the April 10 China Summit Forum for Innovation and Development of Payment and Settlement, some of the the biggest names in the sector gathered to look at new products and discuss the future.Back To Blog