The ubiquity of mobile phones has long promised to spell the success of mobile payment platforms — a world in which the phone is a universal currency and no one needs plastic. While such predictions have proven mostly fruitless in the past, there is increasing evidence that the next few years...

Payment systems that allow people to pay using their mobile phones are promised to reduce transaction fees, increase convenience, and enhance payment security. New mobile payment systems also are likely to make it easier for businesses to identify consumers, to collect more information about...