Author: Stephen

Google introduces yet another mobile payments service

Google launches Hands Free service, making transactions more convenient

Google is working to take mobile payments to the next level. The company has launched a new hands-free, voice activated payment application, which is currently being tested in San Francisco, California. Called Hands Free, the service is meant to make mobile commerce more convenient than it already is. It could also give Google and edge in the mobile commerce battle if it can find favor among consumers that often use their mobile devices to shop for and purchase products online and in physical stores.

Hands Free uses an assortment of innovative technologies

Hands Free makes use of a combination of technologies, such as Bluetooth, Wi-Fi, and location tracking technology to allow the service to communicate with point-of-sale systems. When this is done, consumers can confirm purchases by saying the phrase “I’ll pay with Google.” Hands Free is a standalone service with no association with Android Pay apart from also being developed by Google. The company believes that the voice activation technology powering Hands Free can make mobile payments more convenient than it already is.

New service could be risky for consumers involved in the mobile commerce space

While Hands Free makes use of innovative technology, it may also suffer from certain security risks. Theoretically, the voice activation technology could be abused by those that want to take advantage of consumer financial information. In order to combat this, Google has equipped Hands Free with numerous security features. One of these features will ensure that cashiers can verify the identity of the person using Hands Free before a purchase is finalized.

Google continues to search for a foothold in the mobile commerce market

Google has been fighting an uphill battle in the mobile payments space. The company entered into the market mobile commerce market relatively early with its Google Wallet platform. The Wallet was somewhat unpopular among consumers, leading Google to change its mobile commerce plans. Now, the company has Android Play, which is has become its flagship payment service that is set to compete with those coming from other major technology companies.

Security concerns continue to plague the mobile payments space

GfK report highlights worries over the security of new payment services

Security is still a major concern for consumers that are interested in mobile payments. While mobile transactions account for only a small portion of commerce overall, they are becoming more popular among consumers throughout the world. While this popularity is growing, consumers are still concerned how new payment platforms will protect their financial information. According to a new report from GfK, a prominent market research firm, these security concerns could slow the adoption of mobile commerce among consumers.

Few consumers are comfortable with the security offered by mobile commerce platforms

According to the report from GfK, mobile payments only account for 3% of all transactions being made in the United States. The majority of consumers prefer to use their debit cards to pay for goods and services. Not only are consumers more comfortable with conventional payment solutions, they also believe that mobile payments services are not secure enough. Approximately 52% of consumers believe that new payment services are not able to keep their personal information secure. Only 16% believe that mobile commerce services are more secure that more conventional forms of payment.

More companies are working to improve the security of mobile payments services

Mobile Payments SecuritySecurity concerns are nothing new for the mobile commerce industry. Over the past several years, consumers have expressed their worry that new payment services were simply not able to protect their information. The companies responsible for these services have been working to make them more secure, with many now making use of biometric technology. This technology leverages biological information to protect payment services. Consumers can protect their information with something as simple as a fingerprint, which has done much to secure confidence in mobile commerce among consumers.

Younger consumers are less concerned about security and privacy issues

Notably, younger consumers, those between the ages of 18 and 24, are less concerned about security and privacy issues. Approximately 33% of these consumers say they are completely confident in the security of mobile payments services. They believe that new payment services are not only secure, but also very convenient and allow them to shop and purchase products no matter where they may be without having to rely on traditional forms of commerce.