Author: Lucy

Mobile payments worries are continuing to rise

| April 25, 2013

Mobile Payments SecurityAs the industry continues to grow and more people consider the use of the services, concerns increase.

Consumers and mobile payments service providers, alike, are expecting this technology to have a considerable impact on the way that business is conducted and products are purchased, but at the same time, there remain a number of concerns that are keeping people from actually using it, quite yet.

There is still growth in in-store purchase, paid bills, and money transfers through smartphone transactions.

At the same time, many experts who are examining this new technology and what mobile payments are doing in the industry say that there are many questions that remain about its privacy and security. This is holding back its progress to a considerable degree as consumers simply don’t trust it enough to feel safe and confident in its use, so far.

At the same time, mobile payments industry execs are saying that the technology is already good and is improving.

Though consumers are hearing that message, they seem to be willing to wait for those improvements to be implemented before they actually put it into use. At the same time, experts in security are also pointing out that the rapid growth of the use of smartphones for mobile payments is also attracting the attention of those who would use it for fraud.

It is precisely this worry that has consumers stepping back and either using the device less than they otherwise would for mobile payments, or simply choosing not to use it at all until they feel that the risks have dropped.

According to a Dallas based organization called NQ Mobile, a company that offers smartphone security software, it witnessed a growth of over 65,000 new malware threats released around the world, last year. This was a massive increase over the 24,000 new threats that were introduced in 2011. This type of issue can cause unsuspecting device users to head to sites where they reveal their financial data so that it can be stolen and used by unethical third parties.

According to Gavin Kim, the company’s chief commercial officer, “It’s a real problem, and it is growing.” Security will clearly be a key issue to overcome before mobile payments can truly take off.

Mobile payments service from Visa is getting bigger

| April 23, 2013

Visa Mobile Payments EuropeThe credit card giant has broadened its offerings in Europe with two new features.

Visa Europe has just announced that it is adding two new features to its mobile payments offerings, with the addition of Immediate Payments and Multi Currency.

These two new features are meant to make the service more convenient and appealing to users.

These services will make it possible for the mobile payments program from Visa to let users make transactions instantly from their smartphones to any other Visa cardholder on the European continent. That will provide a number of benefits, says Visa, to both the sender and the recipient of the funds.

Visa has stated that these two new mobile payments features will become available before the end of 2013.

The purpose of the Multi Currency mobile payments features, explained Visa, was to make it possible to simplify a process that they called expensive and complex, when it comes to being able to send and receive money over the borders of the various countries throughout Europe.

At the same time, the Immediate Payments feature has already become available within the United Kingdom. This mobile payments option will expand throughout other European markets as the year progresses. It is meant to give consumers the chance to be able to receive funds that are sent through Visa Personal Payments within a span of minutes, instead of having to wait for a much longer and drawn out transaction process.

To be able to take advantage of this mobile payments service, consumers will need register and will need to know both the mobile number and the Visa credit card number of the funds recipient.

According to Sandra Alzetta, the senior vice president of Visa Europe, when discussing the industry and these new additions, “Mobile payments have the potential to fundamentally change the way that people pay and are paid. The new Multi Currency and Immediate Payments features combine the convenience of mobile device use with the ability to send money to 460 million Visa cardholders across Europe, solving a problem that millions of consumers face every day – giving money to another individual easily and securely.”