Tag: mobile wallet technology

Although you cannot completely do away from your leather billfold, but this new technology called mobile wallet is gradually invading on your leather wallet. Well, one good thing that it is doing is saving paper and conserving environment.

MasterCard is the one of the companies that is doing well in mobile wallet market.

It has a belief which wants the world to look beyond cash. Recently it has upgraded the shopping experience with new innovations to Mobile Wallet Technology. It has added new service called ShopThis! This will help customers to leverage this new market. Well, it is a good option as world is getting more aware and inclined towards digital payment services.

Digital Wallet is all set to for transforming natural way of transaction. Mobile Commerce is claimed to be the largest growing sector by 2020. Mobile ticketing and mobile money transfer will follow. The main reason behind this growth is increasing use of mobile payment services. But still a large chunk of population prefers traditional Cash and Card payment. One major reason according to AMR report is Security concern among them with technological infancy. A recent report published by Allied Market Research projects that the market for Global Mobile Wallet will reach $5,250 billion by 2020 at CAGR of 127.5%.

Mobile Wallet has really transformed shopping experience of many consumers with its enhanced and astounding features.

It has brought the physical and digital market virtually at one place. Looking at its potential, many telecom companies are coming together to innovate and give a better product. This will act as a catalyst for market growth. PayPal has emerged as best player in Mobile Wallet solutions. As per survey by Forrester to 4000 consumers, PayPal got 38% of vote while Amazon followed it with 35% of vote. Google is the biggest player in NFC (Near Field Communication) mobile technology with the launch of mobile wallet technology in 2011.

Application, Mode of Payment and Stakeholders are there segments that form Mobile Wallet market.

Application segment is further divided as Mobile commerce, Mobile ticketing, Mobile money transfer etc while Mode of payment segment is comprised of NFC and remote payment. Stakeholder’s segment includes Service providers, Handset manufacturers, Mobile operators, OSS/BSS solutions etc.

Author: Ashish Gedamkar

Mobile commerce security a cause for concern

Security is becoming a major issue, especially as people around the world begin to rely more heavily on mobile technology to function in society. Security is becoming a major concern in regards to mobile commerce. As consumers become more reliant on their mobile devices, they are beginning to become more enthralled with the concept of using these devices to make purchases. This growing interest has lead many technology and telecommunications company to begin developing mobile commerce platforms very quickly, which could be leading to fairly serious security problems that could put the financial information f consumers at risk of exploitation.

Mobile wallets being produced at break-neck speeds

Mobile commerce platforms, often called mobile wallets, have been in development since early 2011. Google is one of the companies that first introduced one of these platforms, which came in the form of the now popular Google Wallet. Several other companies, both large and small, have produced similar platforms, with some companies working on releasing numerous variations of the same platforms they have already released. The companies interested in mobile commerce are eager to ensure that their position in the burgeoning mobile commerce industry is secured.

The speed at which mobile wallets enter the market may hint to their inherent security flaws

Elephant Talk Communications, an international telecommunications business, believes that the rampant pace at which these companies are releasing mobile commerce platforms is leaving room for serious security risks that could damage the finances of consumers. The company suggests that the more a company focuses on the speed of producing these platforms, the more likely they are to overlook serious security faults. Thus, insecure platforms could be released to the global market, which could then be easily exploited by hackers.

Companies may not be taking time to ensure the security of their mobile commerce platforms

Currently, mobile commerce hinges on NFC technology. The technology allows for the transmission of digital information and makes mobile wallets effective commerce tools. NFC technology is often criticized for its lackluster security features, but the problem may instead lie with mobile wallets themselves. If companies are not taking the time to ensure that their platforms are secure, mobile commerce could see serious delays in adoption around the world.