Tag: mobile payments

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.

Mobile shopping apps are extremely popular among Millenials

| July 13, 2015

Millenials show significant interest in mobile commerce and shopping online

As mobile commerce continues to grow, more Millenials are beginning to use their smartphones and tablets to purchase products online. Millenials represent a demographic that has been born around the year 2000, and these consumers tend to be tech savvy and very comfortable with mobile devices. Shopping applications are becoming one of the most favored way for these consumers to shop for and purchase products. A recent survey from Forbes suggests that mobile shopping apps are becoming the most popular category of applications in the mobile space.

Survey shows that many consumers opt to download mobile shopping applications

The survey from Forbes shows that 47% of consumers have downloaded a mobile shopping application. Women are more likely to download these applications than their male counterparts, and the iOS platform was most popular among male shoppers. Notably, retailers are  the most aggressive demographic in the app space, as merchants are working aggressively to find ways to effectively engage mobile consumers.

E-commerce proves to be very popular among young consumers

Mobile Shopping - MillennialsAmong young consumers, mobile apps represent a convenient way to purchase products online. E-commerce has long been a sector that Millenials have been comfortable with, but the advent of mobile commerce is beginning to change the behavior of consumers. As more people begin to use apps to shop online, retailers are working to find ways to provide consumers with enjoyable shopping experiences that will ensure the loyalty of consumers.

Retailers are finding effective ways to engage mobile consumers

Retailers will have to find new ways to participate in the mobile commerce space, as many consumers have shown that they quite fickle when it comes to the kind of applications they use to shop online. Notably, companies like Amazon, Etsy, and Forever21 have managed to capture the attention of the mobile audience. These retailers have shown that they have the ability to compete in the increasingly aggressive mobile commerce market. Apps are likely to continue playing a major role in the mobile space for years to come.