Tag: mobile commerce security

Mobile payments security is gaining stream

| July 14, 2015

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

Mobile Payments and SecurityMasterCard 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.

Banks could benefit by embracing mobile payments

| June 9, 2015

Adyen report highlights the potential power of mobile payments for banks

Adyen, an international payment services company, has released its latest Mobile Payments Index report, which is published every quarter and highlights the trends that exist within the mobile commerce space. The report shows that more than 27% of global payments are being made on mobile devices, and this number is expected to increase in the coming years as more merchants engage mobile consumers. Financial institutions may be missing out on a major opportunity in this sector, however, because of their relatively slow adoption of mobile payments.

Point-of-sale applications from banks could become powerful tools for merchants

The report suggests that banks could be losing revenue if they do not provide their merchant customers with effective point-of-sale applications. While the majority of mobile payments are made online, a growing number of people are beginning to use their devices to purchase products in physical stores. Without the needed point-of-sale applications, retailers will find it difficult to participate in mobile commerce, which may become a problematic issue for them in the coming years.

Banks could see major benefits from the mobile commerce space

Mobile Payments Benefit BanksBanks could benefit greatly from embracing mobile payments. Offering mobile services to customers can enhance the relationship with these customers, potentially ensuring their continued loyalty. Mobile commerce services could also become a significant revenue stream for banks, largely due to the rapid growth that the mobile payments market is experiencing currently. Mobile services could also give banks access to more consumer data, which would allow them to market products more effectively and provide better services in the future.

Banks are still concerned about the security of the mobile payments sector

One of the reasons that banks have shown some hesitation in engaging in mobile payments has to do with security concerns. The security of mobile commerce platforms has been a hot topic in the past and many banks are not yet convinced that consumer financial information can be protected in the mobile commerce space. Improved security has relieved some of these concerns, but they still remain.