Last month, David Marcus, the head of online payment website PayPal, was quoted as identifying mobile payments as the future of economic transactions. His comments, quoted in CNET, seem to paint a bold picture of a world in which the non-physical "digital wallet" is the backbone of all consumer activity.
"Mobile is the territory where we want to lead and be best in class across the board," he said.
In light of recent events, Marcus might have to curb his enthusiasm a little bit, or at least add some security qualifiers to exactly how these kinds of measures advance.
USA Today notes that the President appears to have fallen victim to a card skimmer attack that handed over his payment information to attackers, who proceeded to spend his money in a "shopping spree."
Card processing software needs to be increasingly secure to handle the possibility of major losses, because executive status likely only encourages the attention of criminals. According to the source, Marcus took it in stride and even claimed that PayPal provides superior protection. It seems a little hollow in comparison to the claims of what occurred.
Interestingly, he chose to make the matter public by speaking out about it on Twitter:
"My card (with EMV chip) got skimmed while in the UK.," he wrote. "Wouldn't have happened if merchant accepted PayPal…"
It's not clear if that would be the answer, but a credit card processing program that is both applicable now and reliable can be achieved if merchants make the effort to pursue it.