Author: Dan Gendro

Mobile payments are gaining ground in Hong Kong

| April 1, 2013

Hong Kong Mobile PaymentsHong Kong aims to make mobile payments more common

In many parts of the world, mobile payments have become more than just a passing fad. More consumers are becoming enamored with the idea that they can purchase products using only their mobile device, rather than physical currencies or credit cards. Hong Kong has become one of the most active markets in terms of mobile payments, with many of the consumers that have smartphones and tablets opting to participate in mobile commerce. For some, however, the concept of mobile payments can be somewhat confusion. In an effort to make mobile commerce more accessible, the King Kong Monetary Authority has launched a new initiative to spread awareness of mobile payments.

Study shows growing support for mobile commerce

The Hong Kong Monetary Authority recently finished a study concerning NFC-based mobile commerce. NFC-based systems are currently the most popular mobile commerce platforms in Hong Kong, despite the relatively few NFC-enabled mobile devices that are available to consumers. The study shows that consumers are interested in NFC technology, but also mobile commerce platforms that do not use this technology. The study outlines recommendations concerning future mobile payments initiatives that may take form in the Hong Kong market.

Agency to work to establish NFC mobile commerce infrastructure

According to the Hong Kong Monetary Authority, the study has shown the need for an expansive, NFC-based mobile commerce infrastructure. In order to meet the needs of consumers, the agency will work to develop such an infrastructure and increase the availability of NFC-enabled mobile devices. This infrastructure will have a strong focus on NFC technology, but will also be accommodating to mobile payments that are not based on NFC so as to remain flexible to future trends that may emerge in the mobile commerce market.

Awareness may be key to continued success

The agency is also interested in raising awareness of mobile payments. Many consumers have shown interest in the idea of mobile commerce, but are not entirely sure how to participate. The agency will work to inform consumers how mobile payments work, whether NFC-based or otherwise, in the hopes of making consumers more comfortable with purchasing products using their mobile devices.

PayTango makes mobile payments more personal

| March 29, 2013

fingerprint scanning mobile paymentsSecurity becoming a more serious concern as mobile payments grow in popularity

Mobile payments are becoming increasingly popular, a trend that is attracting more attention to the issue of mobile security. Because mobile devices like smartphones and tablets are being used to traffic financial information, they are becoming more alluring targets for malicious groups that would like to exploit this valuable information. Security concerns have put a damper on the growth of mobile payments, but there may be ways to secure financial information without having to rely on the inherent security software of a mobile device or mobile commerce application. Biometrics may be the answer.

PayTango aims to change the way people pay

PayTango, a relatively new technology startup backed by Y Combinator and several investors based in Silicon Valley, California, has come up with a new way to make mobile payments more secure. The company has begun teaming with local universities in order to offer a new, convenient way for students to pay for goods and services without having to rely on credits cards or other forms of physical currency. The technology developed by PayTango quite literally puts purchasing power at the fingertips of consumers.

Biometric system puts a new twist on commerce

PayTango has developed a biometric system that can scan a person’s fingerprints in order to activate a payment. The system can associate a person’s various credit cards, loyalty cards, and even ID with their fingerprints through a simple scanning process. Once these payments methods have been associated with a person’s fingerprints, they can simply tap a biometric scanner in order to purchase products or services.

PayTango system receives international attention

The system is still in an early stage of development and is not yet ready for business applications. PayTango notes that it has received international interest for its system, especially from companies and organizations that have a strong interest in mobile payments. It will take some time before the biometric system can be scaled up for business applications, but PayTango has high hopes for its use in the field of mobile commerce.