Author: BWild

Tokenization may help make mobile payments more secure

| October 23, 2014

Bell ID has launched its new tokenization platform in order to support mobile commerce security

Bell ID, a payment credential management organization, has launched new software that could introduce more security to the mobile payments space. Security has been a problem in the mobile world for several years now. While there are many effective security solutions currently available in the mobile world, relatively few of these have been able to offer consumers interested in mobile commerce with the protection they need. Tokenization may be the solution to this problem.

Digital tokens remove the need for financial information

Tokenization is a relatively simple concept that involves replacing personal financial information with digital “tokens.” These tokens are used to authenticate a transaction and then are deleted after they have served their purpose. This removes the need for retailers and other businesses to access or store a consumer’s financial information, allowing for more secure in the mobile payments sector. Bell ID’s new Tokenization Manager software may help boost the popularity of tokenization.

Tokenization Manager to help businesses use digital tokens as a way to verify transactions

mobile payments and securityThe company’s Tokenization Manager has already seen significant use by various NFC-based mobile payment solutions. The solutions use digital tokens as a replacement for credit and debit cards, as well as other financial information. Many organizations believe that digital tokens will mitigate the prevalence of large-scale cyber attacks, such as those recently targeting Target and Home Depot. These attacks seek to gather and exploit financial information, but malicious groups will not be able to use tokens in any way.

As mobile payments become more secure, consumers and businesses will become more likely to participate

Tokenization is becoming so popular that companies like Visa and MasterCard have begun to support the concept. Tokens could finally bring a high degree of security to mobile commerce, which has suffered over the years due to lackluster security support. As mobile commerce becomes more secure, a greater number of people and businesses are likely to enter the sector. Several companies have delayed their mobile plans due to security issues within the mobile space.

E-commerce is booming in India

| October 20, 2014

Indian e-commerce market is growing rapidly, and mobile is playing a role in that growth

India has become the fastest growing e-commerce market in the Asia Pacific region, according to a new study from Gartner. The country has been seeing explosive growth in its digital commerce space, with a vast number of retailers and startups beginning to focus themselves on the digital world and engage mobile consumers more effectively. Mobile commerce has contributed to this growth in e-commerce, making India home to one of the most active mobile markets in the world.

Digital commerce market expected to reach $6 billion in revenue by 2015

According to the study, India’s e-commerce market is expected to reach $6 billion by 2015, experiencing a 70% increase over digital revenue this year. While digital commerce is still considered to be in a nascent stage in India, the country’s market is booming, much more so than its neighbors in the Asia Pacific region. Currently, e-commerce represents approximately 4% of the country’s total retail market, but this is expected to change in the coming years.

Smartphone penetration is growing and the demand for mobile shopping services is on the rise

e-commerce - IndiaA growing number of retailers are showing interest in mobile commerce. The number of people with smartphones in India is growing and they are beginning to favor shopping online over visiting physical stores. In order to connect with these consumers, retailers need to have a prominent presence in the digital world, which means that they are beginning to invest more heavily in the e-commerce space. Numerous startups have emerged to assist these retailers, offering mobile-centric services that are focused on e-commerce.

Digital commerce market is beginning to mature

As the digital commerce market matures, better services are expected to emerge. Retailers are still working to understand the demands that mobile consumers have, and as this understanding grows they will be able to offer better platforms and shopping experiences. Many mobile commerce organizations are beginning to break into the Indian market in order to take advantage of the growth of e-commerce, and they are bringing their popular platforms with them as well.