Category: Mobile Payments

Mobile payments security may bring Visa and Apple together

| August 6, 2014

Security is becoming a major issue for the mobile shopping spectrum

Security is currently one of the greatest challenges facing mobile payments adoption. Many payment platforms have lackluster security features that could leave a consumer’s financial information exposed for exploitation. This has made many people somewhat leery of the mobile shopping and payments space, unwilling to use their mobile devices to purchase products online. Visa is working to solve this problem, however, and has recently announced new products that could improve security in the mobile space and make people more comfortable with paying for products from their mobile devices.

Visa is taking security seriously, introducing a new suite designed to keep mobile transactions secure

Visa recently announced its Visa Digital Solutions, which is a comprehensive software suite that is designed specifically for making mobile payments secure. The suite is meant to provide a set of standards, tools, and services to those wishing to accommodate mobile spenders, enabling retailers and smartphone makers to connect with Visa’s payment infrastructure quickly and efficiently. The solution is designed with security in mind, and that may be a good thing for companies like Apple.

Apple is in need of a security solution that can solidify its place in the mobile payments field

Mobile Payments Security - Apple and VisaApple has a strong interest in mobile payments, but the company has been very slow to introduce its own payment platform. This is largely due to the security concerns that Apple has, having seen other companies launch payment platforms that have been subject to digital attacks. Apple has been looking into developing its own security systems that can protect mobile transactions, but Visa’s new solution could encourage a partnership between the two companies.

Apple and Visa have not yet announced any plans to work together in mobile transactions

Apple has teamed with other companies to address the security issue in the past. These partnerships have lead to the development of security solutions that may make mobile payments more attractive to consumers. A partnership between Apple and Visa may yield yet more protections for consumers interested in shopping online with a mobile device. Such a partnership has not been announced, however.

Mobile commerce service seeks to help retailers engage consumers

| August 5, 2014

Kash aims to sidestep credit card fees and allow retailers to interact with consumers more directly

Starbucks has found a great deal of success in its mobile commerce endeavors, which has encouraged retailers to engage in the mobile space more aggressively. The company is considering offering its mobile payment technology to retailers, but this technology may not be available for some years. Kash is hoping to accelerate retailer’s entry into the mobile commerce space, offering them a way to accept payments from mobile devices and do away with credit cards and their fees.

Platform makes use of bank information rather than credit card information

Kash is a new platform available for iOS and Android devices. Users can make use of the application as soon as they download it and do not have to create an account before they are able to make a payment. Kash allows users to make use of their bank accounts rather than credit cards. They can use their bank’s login information instead of creating an account with the service. With payments being handled directly, retailers can have transactions processed in a single day rather than having to wait to receive payment for a week or more as it is processed by a third party.

Retailers express interest in Kash’s standalone scanner system

mobile commerce service to help retailersRetailers can sign up for Kash and receive assistance in setting up an online e-commerce portal. Kash does not currently offer equipment that can interface with modern point-of-sales systems, offering instead a standalone scanner that retailers can receive for free. Kash notes that retailers have expressed more interest in using their standalone system than waiting for features to be released that allow the Kash platform to interact with current point-of-sales systems.

Retailers could benefit from platforms like Kash

Retailers have been looking for ways to get into the mobile commerce field, but some have found this to be a difficult process. Engaging mobile consumers can be difficult because of their fickle nature and their unwillingness to tolerate platforms that are poorly designed. Retailers are relying on platforms like Kash to allow them to engage consumers in an effective manner.