Are mobile payments going to catch on?

Using your cellphone instead of a credit or debit card sounds a bit too cute, like a solution in search of a problem. But, there a big issue being addressed behind this new technology, as Kevin Poulsen explained in Wired this month:

Systems like Apple Pay and Visa’s newly announced Visa Token Service accomplish the same security goals as EMV, but also work online. They replace the static credit card number with a temporary token that changes every time. “Initially, Apple Pay’s tokenization will only be for in-app purchases from mobile phones,” says David Robertson, publisher of the respected payments industry newsletter The Nilson Report. “But over time that will broaden.”

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