MasterCard continues to see great potential in the mobile commerce field
MasterCard has seen a great deal of promise in the mobile commerce sector. The company believes that mobile technology will have a greater role to play in the future of economics and human interaction and MasterCard has been positioning itself to take advantage of this trend. The company has begun adopting digital services that are designed to provide consumers with “shortcuts” when it comes to commerce, allowing them to use mobile devices to purchase products online and off.
Host card emulation finds more support through the Andorid KitKat update
Earlier in 2014, MasterCard announced its host card emulation software. This software is meant to store financial information in a secure manner and make mobile payments more convenient for consumers. With Android’s KitKat update now live, MasterCard’s host card emulation has a way to store financial information from consumers remotely, further improving the security that exists in the company’s mobile payments initiatives.
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New partnership expected to bring more security to the MasterPass platform
MasterCard has also announced its partnership with Syniverse, a technology firm that specializes in mobile voice and data services. Through this partnership, MasterCard may be able to introduce new features to its MasterPass platform, which functions as a sort of digital wallet. MasterPass may receive a new level of authentication through the partnership with Syniverse, thus making payments conducted through the digital wallet more secure. Greater security will likely make MasterPass more attractive to consumers interested in mobile commerce.
Security continues to be one of the greatest challenges in the mobile commerce space
MasterCard has established a strong position in the mobile commerce field, but the company must still overcome challenges regarding security if it wants to maintain this position in the future. Currently, consumers interested in mobile commerce are still wary of using their mobile devices to purchase products because of security issues. In the past several months, mobile commerce platforms have fallen prey to hackers and malicious groups that are seeking to exploit consumer financial information. Both businesses and consumers are exposed to risks that could cause significant financial damage.