Category: Mobile Payments

Mobile payments continue to thrive in the US

| March 31, 2015

Federal Reserve takes note of the growing prominence of mobile payments throughout the country

Mobile payments are catching on in the United States. According to information from the Federal Reserve, more people are using their smartphones to manages their funds than ever before. Doing so represents a convenient way to conduct commerce, as mobile devices can be used anywhere and at any time. The Federal Reserve has made note of a spike in mobile banking from 2013, with more people opting to manage their bank accounts online from a smartphone or tablet.

Smartphone users are showing favor for mobile banking and mobile commerce in general

According to the Federal Reserve, 39% of smartphone owners are actively using a mobile banking application, an increase from the 33% of consumers that did so in 2013. The agency has also made note of an increase in mobile payments in 2014. The agency’s information shows that 22% of smartphone owners made a mobile payment in 2014, up from the 17% of mobile consumers that did so in 2013. Notably, the vast majority of those that did make a mobile payment did so by using QR codes, which have become a very powerful mobile commerce tool.

Banks are seeing more mobile activity thanks to new payment services that have been launched recently

Mobile Payments Thriving in USABanks in the United States expect mobile banking and payments to gain popularity. One of the reasons more consumers are showing interest in mobile payments has to do with the launch of new services, such as Apple Pay. Most of the country’s major banks signed up to support Apple Pay when it launched in October of 2014, and many have seen an increase in mobile payments activity since then. According to Apple, $2 of every $3 spent across Visa, MasterCard, and American Express networks is being made through Apple Pay.

Better security features are making consumers more comfortable with the concept of mobile payments

Mobile payments are expected to continue gaining traction throughout the United States. Consumers are becoming less wary of mobile commerce as services become more secure and capable of protecting their financial information.

Zumigo launches new service to combat e-commerce fraud

| March 30, 2015

E-commerce fraud could be put to rest with the new service from Zomigo

Zumigo, a leading developer of device location and identity verification technology, has announced that it will be launching a new service that could help in the fight against e-commerce fraud. The company suggests that the service will be the first of its kind, having the ability to validate merchant payments using real-time location data from a consumer’s mobile device. Such a service could go a long way in improving the security of the e-commerce field, as well as make mobile payments more attractive to merchants.

Merchants continue to combat fraud in the digital world

Conventional payment processors can confirm payments with little issue. These processors do not protect merchants from fraudulent charges, however, especially when they come in the form of charge-backs made at a later date. In the event of fraud, merchants have typically already shipped products to their buyer. If the purchase was fraudulent, then the merchant must find some way to recover the cost of the lost product, as well as the shipping costs associated with the purchase.

New service uses real-time mobile data to verify user identity

e-commerce - FraudThe new service from Zumigo aims to provide a solution for this problem. The service is designed to verify a consumer’s identity through the use of mobile billing records, which are obtained through Zumigo’s partnership with Equifax. The service matches credit card information with the mobile data that is available in an attempt to confirm that the consumer is who they say they are. In the event of fraud, merchants will have the ability to pursue legal action and recover their losses because of the information that will be made available to them.

Service may help bolster faith in mobile commerce

This service could be a boon for the mobile commerce field, wherein fraud has become a serious problem. Merchants have shown interest in embracing mobile commerce, but they are wary because of the high prevalence of fraud in this sector. Zumigo believes that its new service could spur some growth in the mobile commerce field by making it safer for merchants o participate therein.