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
MasterCard 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.
Platform to leverage its new “truly mobile” technology
StoreHippo, an innovative commerce platform, is looking to tap into the promising mobile commerce market with its “truly mobile” technology. The platform caters to online retailers, providing them with an efficient way to launch digital stores and engage consumers more effectively, especially those that have come to rely on their mobile devices to shop. The company’s technology is meant to enable retailers to provide a mobile-centric experience that presents an enjoyable and convenient shopping experience for consumers.
Platform will allow retailers to make convenient and enjoyable mobile stores for consumers
The StoreHippo platform is meant to provide retailers with several benefits that will let them compete in the mobile space more effectively. One of the benefits is the support of single-page architecture, which is used to provide a better utilization of bandwidth, which is essential for mobile shoppers that have to be careful with the data consumption. The architecture allows for faster page loads, which make shopping more convenient for consumers that use their smartphones and tablets. The platform also offers various aesthetic services that aim to make digital stores more attractive to consumers.
Digital stores are gaining favor among retailers
Digital stores are becoming more important for retailers that want to engage mobile consumers. While most consumers favor shopping in physical stores and conducting traditional commerce, the logistics and costs associated with holding physical inventory and working with the global supply chain is becoming a concern for retailers. Digital stores represent a relatively cost effective way to engage consumers that want to shop online, especially when it comes to mobile commerce.
Mobile commerce may lead to the emergence of more companies like StoreHippo
Mobile commerce is likely to become a more powerful force in the retail space in the coming years, which means that more platforms like StoreHippo are expected to emerge in the future. StoreHippo will already face competition from other companies that are providing similar services, but it if can enable retailers to become more mobile-centric in a cost effective manner, it may gain the support of retailers with significant mobile audiences.
MasterCard 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.