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Some question whether consumers will benefit from mobile wallets

May 22, 2012

By Danielle Robson

The last several months have seen new systems that allow consumers to make purchases using their smartphones rolled out by companies in several industries. Now, though, some experts are noting their concern for how they might affect consumers' finances.

Mobile wallet systems work by having consumers load their payment information into a smartphone embedded with near-field communications technology, then use that as a means of making a purchase instead of swiping their card the old-fashioned way. That physical disconnect might be problematic for some, according to a report from the Hartford Courant. A recent study by MasterCard found that...Full Story