USA: FTC mobile payments report will impact social media-based offerings

There has been an explosion in the number and variety of mobile payments services available to consumers in the last couple of years, including several social media-centric payments innovations. The use of mobile payments raises questions around data privacy, security practices and terms and conditions of service to ensure consistency in evolving practices. Although merchants stand to benefit from the lower transaction costs, they should have appropriate security measures in place to protect consumers.

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