Tag: mobile payments asia

Swish set to show off new security solutions for mobile payments

| May 30, 2013

Mobile payments to benefit from new security solutions

Security has become a top priority for the mobile payments space. Consumers have shown that they are willing to embrace mobile payments systems, but still retain a great deal of concern regarding the security of their financial information. The security of mobile payments has been attracting more attention as mobile commerce sees more adoption. Many consumers continue to express worry over the security of their financial information, suggesting that modern mobile payments systems have yet to reach a point where they can be considered safe to use.

Security begins receiving more serious attention

As consumers continue to show worry over their security, companies invested in mobile payments are beginning to take the issue more seriously. Such is the cash with Swish, which has been involved in the mobile commerce space for some time. Like other companies in this sector, Swish considers security to be a major roadblock for mobile payments. As such, the company has been working to develop more comprehensive security solutions to provide consumers with some peace of mind. Swish plans to begin showcasing its security solutions at the end of this month.

Mobile Payments SecuritySwish intends to showcase security solutions at the end of the month

Swish is one of the first companies to introduce mobile point-of-sale systems to the Asian market. Mobile payments have found a great deal of success in this market due to the high penetration of mobile technology. While consumers have been showing that they are ready to embrace mobile commerce, many still consider the field to be insecure, which has slowed the progress that mobile payments could potentially see. Swish intends for its security solutions to boost the confidence consumers have in the sector.

Mobile payments becoming a popular target for hackers

The security of mobile payments is not only important to Asian consumers, of course, and those in other parts of the world share the same concerns regarding the security of mobile commerce. Because mobile commerce involves the trafficking of financial information through mobile devices, the mobile commerce field has become a very attractive target for hackers and malicious groups that may look to exploit this information.

Asian Pacific markets embracing mobile payments

| March 23, 2013

Mobile Payments Asia Pacific MarketMasterCard reports that mobile payments are being well received in Asian markets

Mobile payments are becoming more popular in the Asian Pacific market, according to MasterCard. Access to smartphones and tablets is growing throughout these markets, making it possible for more consumers to conduct mobile payments than ever before. Many consumers in these markets consider mobile commerce a more convenient way to purchase products, which has lead to a growing demand for mobile payment services and platforms that accommodate mobile shopping.

Consumers favor mobile commerce for online shopping

According to MasterCard, 40% of online shoppers in Hong Kong, South Korea, and Singapore made purchases using their mobile devices in the past three months. Approximately 54% of Indonesian consumers made mobile payments over the same period, with China and Thailand accounting for 53% and 51% respectively. Mobile payments are becoming increasingly common throughout the Asian Pacific due to the proliferation of mobile technology.

Asian consumers are no stranger to NFC technology

MasterCard notes that NFC technology and its use in mobile commerce is relatively common throughout the region. According to the company, 70% of consumers throughout the Asian Pacific are aware of NFC technology and the role it plays in mobile payments. These consumers noted that they would be willing to adopt NFC-enabled mobile devices to participate in mobile commerce within the next 12 months. Digital wallets, which typically do not use NFC technology, are also quite popular with consumers, though the majority of consumers in the Asian Pacific noted that they were more interested in SMS-based mobile payments.

Mobile commerce continues to grow globally

Mobile payments are expected to continue growing in popularity throughout the Asian Pacific. Other markets around the world are experiencing similar results in their mobile commerce sectors as smartphones and tablets become more accessible for consumers. MasterCard is currently involved in mobile commerce initiatives in several countries and through these initiatives is attempting to establish a firm grasp on the mobile payments sector.