Tag: mobile commerce news

New security standards could be good news for the mobile commerce space

| April 7, 2015

Security standards are set to be implemented in the US in October of this year

The payments industry in the United States is poised for a major shift late this year. In October, liability for fraudulent transactions will move from card companies to retailers if these retailers have not invested in point-of-sale terminals that accept chip-based payments. The shift is meant to address issues concerning the safety of electronic transactions, which has been brought to light by the growing prominence of mobile commerce.

Standards will require retailers to invest in chip-based payment terminals

New security standards will require credit and debit cards to be equipped with a chip that will make transactions more secure. This shift happened more than a decade ago in several European countries and similar security standards are becoming more common throughout the world. In the United States, however, it has taken much longer for these standards to take hold, due to the complexities of the country’s financial structure and the retail industry. Retailers have been particularly resistant to having to fund new payment terminals in order to avoid liability issues.

Security standards could boost the adoption of mobile commerce

Mobile Commerce Security - Chip CardsFor those interested in mobile commerce, the new security standards could be seen as a boon. Security has long been an issue that the mobile world has had to manage, and the issue has become more important to address with the growing number of people using their smartphones to make purchases. The new point-of-sale terminals that retailers will have to adopt will support NFC-based transactions, which will make it easier for consumers with mobile devices to use their smartphones to pay for products in physical stores.

Card companies are pushing for security standards to take effect

October 1 is the deadline for retailers to incorporate chip-based payment terminals. There is some speculation that the implementation of security standards will be delayed, but this may cause a loss of faith in the standards themselves. Card companies are eager to have these standards instituted as soon as possible in order to bolster the security of the digital payments industry.

New mobile commerce incubator to be set up in India this year

| April 6, 2015

Alibaba and Globals will be establishing an incubator to help mobile commerce and mobile Internet startups

China’s Alibaba will be establishing a startup incubator for mobile Internet and mobile commerce in Bangalore, India. The project will be set up in partnership with Globals, an Indian mobile and analytics solutions company. The two companies have taken note of the meteoric rise of digital commerce, a rapidly increasing number of consumers opting to use their mobile devices to shop for and purchase products online and in physical stores.

Alibaba continues to invest heavily in the mobile space in order to establish dominance in digital commerce

Alibaba has already invested quite heavily in both the electronic and mobile commerce sectors. The company is considered China’s largest online retailer organization and rivals both eBay and Amazon in the global market. Over the past few years, Alibaba has been focusing more of its attention on the mobile space, opting to support mobile projects and platforms that allow consumers to use their smartphones and tablets to shop online.

India is one of the world’s fastest growing mobile markets

Mobile Commerce in IndiaIndia is often characterized as one of the world’s fastest growing mobile commerce markets. The expansion of the mobile Internet throughout the country has made it possible for more consumers to participate in mobile commerce. As consumers becoming increasingly mobile, more startups are beginning to emerge that aim to provide valuable services to these consumers. In order for these startups to become successful, however, they must have the appropriate financial support and, in some cases, access to experienced consulting services.

New incubator will provide support for mobile commerce startups in India

The incubator that Alibaba and Globals will set up is expected to be launched in May or June of this year. The incubator will provide startups with mentoring and financial aid, pairing companies with the appropriate financiers and consulting services that they need. The incubator could be a boon for the numerous mobile commerce startups that are beginning to emerge in India, which could bolster the overall mobile market of the country