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Mobile money movement

Mobile money movement

Source: Federal Reserve Bank of Chicago

This article compares the much anticipated but ultimately stalled smart card revolution of the 1990s with the current expansion of mobile payment platforms, and asks how mobile payments fit into the larger payment system.

In the past few years, payment networks and banks have begun to follow in the footsteps of start-up companies and offer in-person or remote payments via a mobile phone or other mobile device.

Is this just another overhyped trend (like smart cards in the 1990s), a real payments revolution, or something in between asks the Chicago Fed in its quarterly newsletter.

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