While mobile payments are convenient, consumers could be at risk when mistakes are made by merchants and processors or as a result of fraud.

First Federal Savings Bank now offers mobile payments to its customers and local businesses to reduce costs, improve security and enable rewards programs.

Mobile provides banks with opportunities to improve the profitability of debit programs, yet many are missing out.

Citi Cards has rolled out several mobile services to save time and money for its on-the-go customers.

MobileNow launched the first near field communication technology to support contactless mobile payments for all types of metered parking.

Visa Inc. is letting iPhone users make mobile transactions by waving their handset in front of a contactless payment terminal.

Banks that are pushing to promote contactless payments are focusing on the wrong target and should switch their focus to mobile commerce, according to Ovum.

Contactless mobile payments mean a faster checkout resulting in more revenue from increased throughput and the loyalty of customers who prefer contactless to make purchases.

Contactless chip technology provider Inside Contactless is making its Open NFC commercial-grade NFC protocol stack available in a free and open source edition.

Near field communication—NFC—will begin to replace traditional wallets and purses starting in 2011, according to research by SJB Research.