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Softcard to shut down its mobile payments apps

Stephen | March 3, 2015

Softcard will be discontinuing its apps for Android and Windows Phone

Google’s recent acquisition of Softcard, a mobile payments platform formerly known as Isis, could spell the end for the payments service. Softcard has announced that it will be shutting down its applications for the Android and Windows Phone operating systems. While there are many mobile payments services available for the Android platform, including Google Wallet, Windows Phone has very limited options when it comes to mobile commerce. The move could leave those using Windows Phone out of the mobile payments space for some time.

Mobile payments firm finds modest success after its initial launch and rebranding

Softcard was launched as a joint venture from AT&T, Verizon Wireless, and T-Mobile. The platform had received strong support during its various stages of development, with many believing that it would change the mobile commerce space. After its launch, however, Softcard had only managed to find modest success. A rebranding effort last year did little to help the company, apart from distancing it from political issues that have emerged in other parts of the world.

Windows Phone users may be left out of mobile commerce after Softcard app shuts down

Mobile Payments - Softcard shutting down The Softcard app currently serves as one of Microsoft’s entries into the mobile payments space. While Microsoft is not responsible for Softcard, the company did support the application on its Windows Phone platform. Without Softcard, Microsoft may have to look for a new way to establish some semblance of a presence in the mobile commerce market. Until that time, however, Windows Phone users will not be able to participate in mobile commerce, which may cause some frustration among these consumers.

Softcard app will continue to work until the company shuts it down in the future

Softcard has not announced a definitive date when its application will no longer be available on the Windows Phone and Android platforms. The company has announced that the app will no longer be available for these platforms in the future. Currently, those with Softcard accounts can continue using the application to make mobile payments as they see fit.

Visa brings tokenization technology to Australia’s mobile payments space

BWild | March 2, 2015

Tokenization could help make mobile payments in Australia more secure for businesses and consumers

Visa has begun rolling out a new tokenization initiative in Australia. Tokenization is a relatively new trend that has begun to emerge in the mobile payments field. It involves replacing a consumer’s personal and financial information with digital tokens, which can be used to authenticate mobile transactions. These tokens add a new layer of security to mobile payments, as they do not contain financial information, which makes them a less attractive target for those that would seek to exploit such information.

Tokens bring a new layer of security to the mobile space that is difficult to break through

Digital tokens take the form of a unique, 16-digit number. This process is becoming more popular in the mobile payments market due to the risks that exist in the digital world. Over the past few years, cyber attacks against companies that support mobile commerce, and consumers that partake therein, have increased. With cyber attacks becoming more common, businesses are looking for better ways to protect themselves and their customers. Visa is one company that is offering a solution to this problem.

Stolen tokens are largely useless to hackers

Mobile Payments - Australia Visa is making its tokenization technology available in Australia, which could help foster the growth of mobile payments in the country. Visa notes that if tokens are actually stolen by malicious parties, it cannot be used elsewhere, and tokens can be deactivated in a quick manner. Tokens are generated in and are unique to every payment environment, which means that they cannot be used on other platforms unless they are generated for that platform specifically.

Australia’s mobile payments space could experience growth due to the incorporation of token technology

Security has long been a serious problem for the mobile payments space. Because of the relative youth of this sector, security measures have not yet caught up with the risks that exist therein. Tokenization could help make mobile payments more attractive to consumers and businesses, many of whom believe that participating in mobile commerce is a risk to their financial information.