Tag: mobile commerce security

Biometric technology is improving mobile payments

Biometrics have succeeded in making mobile commerce more secure

Biometric technology is expected to have a major impact on the mobile payments space. A new report from Goode Intelligence has noted that this technology has helped making mobile commerce much more secure than it had been in the past. This technology involves the use of biological information, such as a fingerprint, to protect a mobile device. Many of the latest smartphones that have been released this year incorporate biometric technology in some way, especially those that have mobile payments capabilities.

Report predicts that biometrics will secure $5.6 trillion in mobile payments by 2020

According to the report from Goode Intelligence, biomteircs may be responsible for securing more than $5.6 trillion in mobile payments by 2020. This technology will be used to authorize some 226 billion transactions, with each transaction coming in at $25 on average. Consumers have shown a great deal of interest in mobile commerce, as it represents a more convenient way for them to get their shopping done. One of the problems that consumers have had with mobile payments, however, is a lack of security.

Security solutions ensure that consumers will be protected as they make mobile transactions

biometrics technology - Mobile PaymentsMobile commerce is a very attractive market, especially among malicious groups that would be interested in exploiting the financial information of consumers. Security concerns had kept many consumers away from the mobile commerce space, which has lead several organizations involved therein to look for adequate solutions to this problem. Biometric technology has proven to be the solution that these organizations have been looking for, as the technology has proven to keep consumer information safe in an effective manner.

Tokenization and biometric technology are gaining ground among payments firms

Biometrics are not the only way to keep consumer information sector, of course. Tokenization is also becoming quite popular in the mobile payments space. This involves replacing consumer financial information with digital tokens, which are unique for every transaction. Both Visa and MasterCard are using this practice in order to ensure that those participating in mobile payments are adequately protected from malicious groups.

Mobile payments are growing slowly

Consumers are showing concern for the security and capabilities of mobile payments services

Mobile payments are growing quickly, but consumers are still not convinced that new payment technology will take hold. According to a new survey from Trustev, many consumers are still concerned about the security issues that exist in the mobile payments space and they are not certain that using a payment platform is in their best interests. As such, many have been slow to embrace mobile payments platforms, even if these platforms offer secure and convenient services.

Survey shows 1 in 50 iPhone 6 owners use Apple Pay regularly

according to the survey from Trustev, only one in 50 of the people that own an iPhone 6 actually make use of Apple Pay, Apple’s new mobile payments service, on a regular basis. The platform was released late last year and has managed to find some traction with consumers, but it has yet to become a commercial success. One of the reasons consumers are not showing aggressive interest in mobile payments may be a confidence issue.

Lack of confidence in mobile payments services is leading to low adoption among consumers

Mobile Payments - SlowIn the past, companies releasing new payments services have shown relatively little confidence in these services, which has had a significant impact on consumer adoption. Consumers have expressed concerns over modern payment services as well and this lack of confidence may be making mobile payments, as a whole, unattractive to consumers. Security is another issue that mobile payments faces, and security concerns are beginning to drive consumers away from new payment services.

Payment fraud is a major issue that organizations in the mobile payments field must worry about

Payment fraud is becoming a major concern for those involved in the mobile payments space. According to Chargeback911, payment fraud caused approximately $32 billion in financial damage in the United States in 2014. This is a 38% increase over the damage it had caused in 2013. Fraudulent payments are not restricted to the conventional commerce place, of course, and the mobile payments sector also faces the danger that fraud represents.