Author: Stephen

Congress is looking into mobile payments security

| December 3, 2015

House Energy & Commerce Committee is looking into concerns regarding mobile payments security

Mobile payments will reach a new high this year in the United States, powering by the growing adoption of new payment services that allow consumers to shop online more conveniently. According to recent reports from CNET and Juniper Research, some two-thirds of adults in the country now own a smartphone, with approximately 36 million people expected to make a mobile transaction this year. This information was presented to a hearing of the House Energy & Commerce Committee, which has been expressing concerns regarding mobile payments fraud.

Security continues to be a significant problem in the mobile space

Security in the mobile payments field has been a point of concern for federal officials for some time. Many consumers have become the victims of fraud in the past, following high-profile data breaches that targeted some of the country’s largest retailers. The hearing found that while most mobile payments solutions are, indeed, quite secure, they do not have the same legal and legislative protections that more conventional payment solutions enjoy.

Committee will not yet be taking legislative action on mobile security

mobile payments and securityThe House Energy & Commerce Committee has noted that the hearing was a preliminary hearing concerning mobile payments security. The committee has not yet announced plans concerning what can be done to improve security. As such, there will be no legislative action taken on issues regarding security for the time being. The committee is seeking more information from stakeholders in the mobile payments space. This information could be used to improve the overall mobile payments space, ensuring that consumer information is well protected in the future.

Ensuring the security of consumer information remains a top priority in the mobile space

The mobile payments space is still relatively new. While many of the organizations participating in this space have extensive experience regarding commerce, they are finding the mobile space to be exposed to significant risks that they are still attempting to adapt to. More regulatory oversight may be needed to ensure consumer protection, but the federal government must collect more data before taking any significant legislative action on the matter.

Mobile commerce spending to grow during the holiday season

| December 1, 2015

Online payments to reach $70 billion during the 2015 holiday season

Consumers in the United States are expected to spend a combined $70 billion during the holiday season this year, according to a new report from comScore. This money is expected to be spent at stores like Amazon, eBay, and Walmart, with many shoppers opting to make their purchases online, either from their mobile devices or from their traditional computers. The report from comScore suggests that mobile commerce will have a major role to play this year.

Mobile commerce is growing quickly as consumers become more involved in shopping online

The report shows that online spending will increase by 14% this year over what it was in 2014. While comScore suggests that this is a “marginal” slowdown, it does note that many consumers are beginning to focus on mobile commerce. These consumers are using their smartphones and tablets to make purchases online, which they see as convenient, especially during the holiday season. Retailers have also become more involved in mobile commerce, hoping to engage a new generation of consumers that have become heavily mobile-centric.

Amazon to lead the way in the growth of e-commerce

Mobile Commerce & Online Shopping - AmazonAmazon is expected to lead the way in online purchases, accounting for some 20% of all e-commerce sales this year, according to the report. Walmart and eBay will follow behind, with smaller retailers finding some success by engaging mobile consumers. E-commerce, as a whole, will account for approximately 15% of all discretionary spending during the holiday season. The report from comScore suggests that the e-commerce sector will continue to prove to be more dynamic than the physical space.

Retailers are beginning to prioritize mobile commerce

Mobile commerce is becoming a powerful force in the retail space, driven by the growing number of options that consumers have available to them and the interest that they have in shopping online with their mobile devices. In the coming year, retailers are expected to become more involved in the mobile commerce space, leveraging the power of mobile devices to engage mobile consumers.