Tag: mobile payments

Instructions have been released to help to decrease the risk associated with transactions in certain areas.

The Payment Card Industry (PCI) Security Standards Council has just released new merchant guidance to help to increase the security available while accepting mobile payments, which is an inherently risky area.

It is recommended that card acquirers and issuers, and banking institutions should apply this guidance.

These types of institution should help to provide this mobile payments guidance while assisting merchants with security in end to end transactions. This, according to Steve Kenneally from the American Bankers Association Center for Regulatory Compliance. He added that “Shining a spotlight on the need to improve payment security is always a great idea.” And said that “Providing specific recommendations on how to achieve a higher level of security is even better.”

The mobile payments environment must be made secure before consumers can be ensured that it is safe.

Kenneally said that his organization anticipates that the PCI guidelines will be able to be used as an additional important tool that can be used by acquirers in order to boost the security of transactions through merchants.

Among the mobile payments security issues that were addressed within this new guidance from the PCI Council are the following:

• Account data entry risks connected with smartphones and tablets, including the information transmitted through the devices as well as the data that is stored within those gadgets.
• The procedures that should be followed by merchants in order to make certain of the security on a physical and transactional level with the devices that are used for the acceptance of the mobile payments.
• Instructions for the various components that should be applied to the acceptance of the transactions, such as software, hardware, and the use of various different acceptance solutions, in addition to considerations regarding the relationship with the customer him or herself.

The PCI guidelines, said Kenneally, take into account that some of the qualities that make accepting mobile payments as appealing to merchants as it is can also offer opportunities to fraudsters. Therefore, it is very important to take specific and careful action to avoid risks as much as is possible.

Mobile commerce demand growing in Middle East and North Africa

Mobile commerce is growing in demand in the Middle East and North Africa region, often known as MENA, as more consumers get their hands on smart phones and tablets. These consumers are calling for new ways to purchase products online using only their mobile devices. Thus far, interest from the regimeaon’s telecommunications and retail companies has been limited, with some companies suggesting that they see only modest potential for success. Mobile commerce experts are suggesting that these companies could be missing out on significant opportunities.

Mobile payments may be the future of personal financial transactions

Mobile commerce specialists consider mobile payments as the future of personal financial transactions throughout the world. More consumers are making use of smart phones and tablets, using these devices to shop online and make purchases. Outside of the MENA region, mobile commerce has seen major success in the retail sector, with much of this success being found in Asian markets. The growing popularity of NFC technology is also driving interest in mobile commerce, despite some of the security concerns that have been raised about the technology in recent months.

Benefits of mobile commerce have yet to be shown in MENA region

Retailers in the MENA region have shown some interest in mobile commerce, but many have found it difficult to engage mobile consumers due to the limited support mobile commerce has received from the region’s telecommunications giants. Making mobile payments possible for a wide range of consumers has, thus far, been a difficult task in the MENA region as it requires telecommunications companies to expand and update their mobile service networks. Such updates are both expensive and time consuming and some companies have not yet been convinced of the gains they could see through an aggressive adoption of mobile commerce.

Pilot projects help raise awareness

There are several mobile commerce pilot projects currently taking place throughout the MENA region. Some of these projects have found success with consumers and retailers on a small scale. Many of these pilot projects are designed to raise awareness of mobile commerce rather than produce significant gains for retailers and telecommunications companies.