Chase and MasterCard Jump Into Mobile Payments (itworld.com)

Posted by Soulskill on Monday October 26, 2015 @11:38PM from the having-17-different-payment-platforms-is-awesome dept.

itwbennett writes: JP Morgan Chase said Monday that it plans to launch its own smartphone payment platform in mid-2016. 'Chase Pay will be based on CurrentC, a retailer-led mobile payment system that has largely been written off by Silicon Valley techies for its reliance on barcodes rather than the more sophisticated NFC (near-field communications) technology adopted by its competitors,' writes Martyn Williams. CurrentC, and therefore Chase Pay, is compatible with a much larger number of smartphones than the rival services from Apple, Google and Samsung. Meanwhile, MasterCard announced a program that aims to turn any type of gadget into a payment device, from car keys to fitness trackers.

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Re:Don't bank on your cellphone. by Anonymous Coward · 2015-10-27 03:15 · Score: 3, Insightful

You're using a general "less secure" instead of "less secure against". There's more risk for your location being tracked if you are compromised, but the walled garden is more secure against the device being compromised in the first place. If you're doing mobile banking, you're less worried about being tracked than you are of losing your money.