Organizations are showing more support for security solutions as they become involved in mobile payments
As organizations become more invested in mobile payments, they are also becoming more invested in security. Two topics have emerged in the mobile space that could have a major impact on the payments space: Biometrics and authentication. Authentication has long been an aspect of the commerce world that has been put to use for the sake of security, but biometrics is relatively new to this field. Biometric technology, in particular, could become the single most effective way to protect the financial information of consumers.
Biometrics are gaining prominence in the mobile space
Biometric technology makes use of biological information to secure a transaction and data. Fingerprints are one of the ways that this technology ensures that consumers remain safe. As this technology improves, however, fingerprints are no longer the only thing that can be used to secure a transaction. Alibaba, one of the largest e-commerce entities in the world, recently began testing a new feature for the Alipay platform, owned by Ant Financial, and affiliate of Alibaba, that is intended to make payments safer. The feature is called “Smile To Pay,” and makes use of facial recognition technology to authenticate a mobile payment.
MasterCard sees a promising future in facial recognition technology as well as tokenization
MasterCard is also becoming a major player in the improved security of mobile payments. The company has been promoting tokenization for some time, which involves converting financial information into unique digital tokens that can be used to approve transactions. MasterCard is also becoming more invested in facial recognition technology, suggesting that this technology may be the next step in the evolution of mobile security.
Security continues to grow as a priority as mobile payments gain momentum among consumers and businesses alike
Mobile payments have long been plagued by security concerns, and these concerns have introduced a wide variety of solutions, some of which have been more effective than others. With companies becoming more involved in the mobile payments space, advanced security solutions, such as biometrics, are beginning to gain more support.