Tag: mobile payments

MCX plans to test mobile commerce platform in Ohio

| September 14, 2015

MCX will be testing CurrentC among large retail partners in Ohio

The Merchant Consumer Exchange (MCX) is planning to begin testing its new mobile commerce platform, CurrentC, among its large retail partners in Ohio. MCX was established as a partnership among several large retailers, including Target and Walmart. These retailers had taken note of the rise in mobile shopping and have felt the need to engage consumers more effectively. As such, MCX was tasked with developing a mobile commerce platform that would serve this purpose.

Test may determine the launch of the new mobile commerce platform

Ohio will host the first major test of the new mobile commerce platform. The service will allow retailers to support mobile payments being made by customers. Those with smartphones will be able to use the service to make transactions directly from their device. The platform itself has been in development for some time, with the retail partners of MCX showing some impatience when it comes to waiting for a service they can use. Based on the test results in Ohio, CurrentC may see a limited launch next year or within the coming months.

Retailers are beginning to seek out other platforms they can use

Mobile Commerce Platform being tested in OhioInitially, MCX partners has agreed not to support any other mobile commerce platform while they waiting for CurrentC to be released. This agreement is set to expire within the coming week, however, which will allow retailers to embrace other platforms, such as those coming from Google, Apple, and Samsung. Being able to embrace other platforms will provide retailers with a way to effectively engage mobile consumers, but it may be bad news for CurrentC, which has already struggled to maintain the support of retailers.

Security remains a primary concern for those interested in mobile commerce

One of the issues facing mobile commerce as a whole is security. Many retailers have shown concern for the security of consumer financial information when they are participating in mobile commerce. Creating secure platforms has proven somewhat complicated, however, as methods to exploit these platforms have been growing more sophisticated.

Mobile commerce fraud is on the rise in Asia

| September 10, 2015

Smartphone penetration leads to the rise of mobile commerce

In Asia, smartphone penetration is accelerating and these devices are becoming more popular for those that are interested in shopping online. By 2018, Asia is expected to account for half the world’s mobile users, with many people beginning to use their smartphones and tablets to play games, purchase products, and use social networks. As mobile adoption rises, however, fraud is becoming a greater problem in the mobile commerce space in Asia.

Japan, South Korea, and China have become very attractive mobile markets

Currently, Japan and South Korea are leading the way when it comes to mobile commerce adoption, with approximately 50% of both country’s populations engaging in mobile transactions. China has also become a very prominent mobile commerce market. In the first quarter of this year, mobile sales in China reached $58.4 billion, according to a recent report from iResearch. Companies are beginning to invest more heavily in the mobile space, and this is making the sector more attractive to malicious parties.

Mobile commerce fraud is becoming more common

Mobile Commerce FraudWhile mobile commerce represents only 14% of all transactions being made in Asia, it also accounts for 21% of all fraudulent transactions being made through mobile devices. As fraud continues to grow, mobile commerce merchants are beginning to feel extreme financial pressure. Merchants incur costs of $3.34 for every dollar that is being spend on a fraudulent mobile transaction. This is 27% higher than the costs merchants would incur from a fraudulent transaction being made on a traditional PC.

Mobile security is becoming a priority for businesses and consumers alike

Several merchants in Asia are beginning to get involved in the mobile commerce space, but they will have to find ways to better protect consumer information. Security risks have been a major concern for consumers, and these concerns have slowed the adoption of mobile commerce platforms to some degree. Several companies offering mobile payments services have found ways to improve security through the use of biometric technology, which leverages biologic information, such as fingerprints, in order to protect transactions and consumer information.