Tag: mastercard mobile payments

MasterCard is moving to establish a stronger presence in mobile payments

| April 28, 2014

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.

New partnership expected to bring more security to the MasterPass platform

mobile payments mastercardMasterCard 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.

MasterCard and Monitise come together to create new mobile payments platform

| March 28, 2014

Partnership aims to develop a mobile commerce solution for financial institutions

MasterCard has announced that it has partnered with Monitise, makers of a popular mobile banking and payments platform. Together, the two companies will work to deliver a new mobile payments service that is designed to be used by financial institutions throughout the world. Financial institutions are beginning to feel pressure to engage mobile consumers more as these consumers become more reliant on their mobile devices. Without providing these consumers with mobile-centric services, they may seek out other institutions that accommodate their interests more effectively.

Financial institutions are feeling the need to accommodate the interests of mobile-centric consumers

Both MasterCard and Monitise have extensive experience in the mobile commerce field. Both companies currently have mobile commerce platforms that are available to the public and these platforms are used throughout the world. The new platform the companies are developing through their partnership is expected to have higher levels of security in order to help financial institutions address some of the concerns that consumers have regarding mobile commerce.

Security remains a major issue in the mobile commerce field, but consumers are still willing to shop from their mobile devices

Mobile Payments Partnership - MasterCard & MonitiseSecurity has been a problem in the mobile commerce field for some time. Because mobile commerce deals in the trafficking of financial information, it has become a very popular target for hackers and other malicious groups. Consumers have often criticized the mobile commerce platforms they have used in the past as not being secure enough. Several high profile cyber attacks on large retailers have also called into question whether the mobile commerce sector is taking security as seriously as it should.

Financial institutions that do not accommodate mobile consumers could become irrelevant in the future

While consumers are concerned for the security of their financial information, security concerns have done little to stop them from actually participating in mobile payments. The demand for convenient mobile commerce platforms has been growing at a rapid pace as consumers become more comfortable with the concept of mobile payments. Financial institutions that are unable or unwilling to accommodate this demand may find themselves becoming increasingly irrelevant to mobile-centric consumers.