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Chicago Fed Letter, No. 240, July 2007
Are Mobile Payments the Smart Cards of the Aughts?
In the past few years, payment networks and banks have begun to follow in the footsteps of start-up companies and offer mobile platforms, meaning 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? In short, are mobile payments the smart cards of this decade?
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