Tag: united states

Amazon to allow shoppers to take a selfie to make mobile payments

| March 18, 2016

Amazing files new patent application for facial recognition technology service

Amazon is making another move in the mobile payments space. The e-commerce company has filed a patent application for technology that will allow mobile shoppers to authenticate transactions using a photo or video of themselves. This would replace passwords, which have long been a staple in mobile transactions. Amazon believes that using facial recognition technology will make mobile commerce more secure, thereby making consumers more comfortable with the concept of using their mobile devices to make purchases.

MasterCard is also launching a service leveraging facial recognition technology

Using facial recognition technology to authenticate mobile payments is not a new idea. MasterCard is rolling out a similar system in the coming months. The service will be initially launched in the United States and several countries throughout Europe. If successful, it may be expanded into new markets. MasterCard’s service requires users to blink into the camera of their mobile device before a transaction is completed.

Biometric technology may make mobile commerce more secure

Mobile Payments - SelfieBiometric technology is becoming very important for the mobile commerce space. This technology leverages biological information, such as a fingerprint, to authenticate a payment. Companies involved in the mobile commerce space are beginning to use this technology to make mobile transactions more secure. Using facial recognition technology is meant to have the same effect, as this technology can and has been used to make mobile devices more secure than they are currently.

Digital risks are becoming more apparent in the mobile commerce market, but companies are fighting back

The mobile payments field is growing quickly, but security remains one of the biggest concerns that consumers have. Mobile commerce deals in the transmission of financial information, and this information is very attractive to malicious groups. As such, they are targeting the mobile commerce space for personal gain. Companies like Amazon, however, are beginning to use new technology to fight against digital threats. This technology may help make the mobile commerce sector more secure and ensure that consumers use their mobile devices to make purchases in the future.

Mobile payments still faces many challenges in the US

| March 15, 2016

Consumers are slow to warm to the mobile commerce space

Mobile transactions are slated to see strong growth in the United States this year, but the mobile commerce space may be facing significant challenges that could be difficult to overcome. A recent study from eCash shows that approximately on 20.7% of people in the United States make use of the new Apple Pay service. Other services may be popular among consumers as they have been around longer, but many consumers may simply be uninterested in mobile payment services, largely due to security concerns.

Apple Pay users do not frequently use the service to make purchases

Of those using Apple Pay, approximately 56% use it only once a week. Another 15.3% say they have never used the service. While consumers consider mobile payments to be convenient, there are numerous reasons why they are not using their mobile devices to purchase products. Security may be the most significant concern that consumers have as the mobile commerce space has become a target for malicious groups that want to exploit consumer information for their own gain.

Security remains the greatest concern among consumers

Mobile Payments to Grow but security a concernSecurity is the biggest barrier preventing consumers from using mobile payment services. According to a report from eMarketer, 57% of Internet users in the United States cited security concerns as the main reason they did not use mobile wallets. Another 62% of smartphone owners in the country said that they do not plan to use mobile wallets because of worries regarding the security of their information.

Lack of a global standard slows the adoption of mobile payments among consumers throughout the world

Security is not the only problem facing the mobile commerce space. Currently, there is no global standard governing the mobile payments space. There are no common interfaces that makes mobile commerce universally recognizable among consumers. Once a global standard is set, however, it will allow consumers to use any application to shop online and in physical stores, using their devices to make purchases that they are interested in.