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Mobile person-to-person payments catching on
NEW YORK (11/20/09)--U.S. consumers, especially younger consumers, are embracing person-to-person mobile payments, BusinessWeek reported. Mobile person-to-person payments allow individuals to send money to others by using a mobile phone and e-mail address. The service will likely catch on with more people, and financial institutions that can make mobile payments as easy as sending a text message “are going to win,” the magazine said. Many financial institutions--including Boeing Employees CU, Seattle--have added person-to-person payments to their mobile and online banking platforms. Fiserv, a technology services provider that works with credit unions, also recently began marketing a mobile person-to-person bill payment service (BusinessWeek Nov. 23). Banking through mobile phones is relatively safe, according to Robert Varmosi, security analyst with Javelin Strategy and Research. Mobile banking is more secure than online banking because cellular networks are more difficult to hack into, he added.


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