Late model mobile devices like Apple s iPhone and Google Android-based smartphones now offer consumers a host of applications for sending electronic payments to friends and merchants. Mobile payments through Paypal are still a small but growing at an almost exponential rate. Other firms are rushing into the space, too, including startups like FaceCash, which use mobile device features like cameras and apps to link individuals, with their bank accounts and eager merchants. For now, if you re planning to make phone based purchases holiday themed or otherwise beware of suspicious mobile applications pushed to you via SMS or MMS links and make sure to protect your mobile phone with a password.
Source: https://threatpost.com/8-your-next-wallet-is-a-phone-discuss/91776/