The Federal Reserve Bank of Boston has released a new report entitled, "Mobile Phone Technology: 'Smarter' Than We Thought".
This report examines in detail how near field communication (NFC) and cloud technologies address security for mobile payments at the retail point-of-sale (POS). It also provides a brief overview of security for two other mobile technology platforms, QR code, and direct carrier billing (DCB). Each technology manages and processes information uniquely; hence security practices and issues will vary with the technology deployed by each payments platform provider.
The full report is available here.