Author: Stephen

Mobile payments security is gaining stream

| July 14, 2015

Organizations are showing more support for security solutions as they become involved in mobile payments

As organizations become more invested in mobile payments, they are also becoming more invested in security. Two topics have emerged in the mobile space that could have a major impact on the payments space: Biometrics and authentication. Authentication has long been an aspect of the commerce world that has been put to use for the sake of security, but biometrics is relatively new to this field. Biometric technology, in particular, could become the single most effective way to protect the financial information of consumers.

Biometrics are gaining prominence in the mobile space

Biometric technology makes use of biological information to secure a transaction and data. Fingerprints are one of the ways that this technology ensures that consumers remain safe. As this technology improves, however, fingerprints are no longer the only thing that can be used to secure a transaction. Alibaba, one of the largest e-commerce entities in the world, recently began testing a new feature for the Alipay platform, owned by Ant Financial, and affiliate of Alibaba, that is intended to make payments safer. The feature is called “Smile To Pay,” and makes use of facial recognition technology to authenticate a mobile payment.

MasterCard sees a promising future in facial recognition technology as well as tokenization

Mobile Payments and SecurityMasterCard is also becoming a major player in the improved security of mobile payments. The company has been promoting tokenization for some time, which involves converting financial information into unique digital tokens that can be used to approve transactions. MasterCard is also becoming more invested in facial recognition technology, suggesting that this technology may be the next step in the evolution of mobile security.

Security continues to grow as a priority as mobile payments gain momentum among consumers and businesses alike

Mobile payments have long been plagued by security concerns, and these concerns have introduced a wide variety of solutions, some of which have been more effective than others. With companies becoming more involved in the mobile payments space, advanced security solutions, such as biometrics, are beginning to gain more support.

Report shows that mobile commerce is growing throughout the world

| July 9, 2015

Mobile is driving the growth of  the global e-commerce market

Deloitte and Assocham have released a new study that predicts that mobile commerce will reach $638 billion by 2018. The global e-commerce space is growing quickly, with mobile consumers playing a more active role in purchasing products online. Several retailers are finding more success by engaging these consumers, offering them ways to purchase products in an enjoyable fashion on their mobile devices. The mobile space is expected to generate more growth in the e-commerce space in the coming years.

Retailers are seeing a growing portion of their revenue come from mobile commerce

Companies like Flipkart, Amazon, and Jabong are finding a greater portion of their revenue is coming from mobile commerce. For some, as much as 50% of their online revenue is now being generated by the mobile space. As these retailers engage mobile consumers more aggressively, the amount of revenue that merchants generate from the mobile space is likely to increase. Providing consumers with an enjoyable and convenient mobile shopping experience is one of the factors that will have a major impact on whether or not consumers make purchases through their smartphones.

Wearable technology could aid in the adoption of mobile commerce

Mobile Commerce Growing WorldwideWearable devices are expected to play a role in the growing prominence of mobile commerce, as well. New devices, such as Google Glass and the Apple Watch, are likely to make it easier for consumers to make purchases in physical stores. While not all wearable devices have mobile commerce capabilities, those that do are providing retailers with a way to support  mobile transactions in their physical stores.

Electronic markets are gaining more support from retailers that want to engage in the digital space

Electronic marketplaces are becoming a more attractive solution for retailers. The logistical challenges associated with holding inventory in physical stores and juggling these challenges with the global supply chain can be an expensive problem for merchants. Electronic marketplaces can mitigate these costs and make it easier for retailers to serve mobile consumers that are interested in shopping online with their smartphones and tablets.