VaultSecure aims to transform mobile commerce
INSIDE Secure, a mobile security firm, has launched a new platform called VaultSecure that will help consumers manage multiple mobile wallet applications on their smart phone or tablet. The company believes that the VaultSecure platform will help transform the mobile commerce industry. INSIDE Secure suggests that this will be the first time that smart phone makers, network operators, and others in the telecommunications industry will be able to share a secure element on a single mobile device.
Days of clashing mobile commerce applications may be history
Before VaultSecure, smart phones were only capable of supporting a single mobile commerce application without trouble. Multiple applications on a single device would often cause problems due to the clashing security features they have in place. In some cases, multiple mobile commerce applications could actually make financial information more vulnerable, thus leading many mobile network operators to favor a particular platform over others. This has led to severe fragmentation within the mobile commerce market.
Platform allows various appli
cations to coexist on a single device
This fragmentation can be seen all over the world. In the U.S., Google, Isis, and the newly formed Merchant Customer Exchange, are all vying for the affection of consumers and businesses interested in mobile commerce. Through SecureVault, the applications coming from these groups can coexist on a single mobile device, each able to access a consumer’s financial information independently. The platform will also encrypt this information for each of the mobile commerce applications, adding an extra layer of protection against malicious attacks.
Competition may prove to fierce for VaultSecure to find traction
INSIDE Secure will be selling VaultSecure to makers of smart phones and tablets. These companies will then have to work with the various companies involved in mobile commerce to incorporate the platform. Given the highly competitive nature of the burgeoning mobile commerce industry, it may be difficult to convince companies that having their platform exist alongside that of their competitors as a sound business move.
Retailers pressured to adopt mobile commerce to engage consumers
Consumers around the world are becoming more mobile. That is, more consumers are relying on mobile technology to operate in their daily lives. Mobile technology has made many aspects of people’s lives more convenient, such as social interaction due to their constant connection to the Internet. Commerce is also being revolutionized by mobile technology and people’s growing need for convenient service. More consumers are beginning to look for alternatives to traditional, physical stores, and many have turned to mobile commerce and e-commerce.
Retailers look for ways to bridge gap between online and offline worlds
Mobile consumers are turning to the Internet to find the products and services they want to pay for. As more consumers look online, retailers are feeling the pressure to adapt or risk losing contact with a growing portion of their audience. Thus, businesses are looking for ways to close the gap that currently exists between the online and offline worlds. Few retailers are willing to abandon physical stores, so many are attempting to provide consumers with incentives to visit these stores throug
h the use of mobile commerce.
Mobile commerce services being adopted by large retail companies
Big name retailers, such as Macy’s and Nordstrom, are working to make use of digital technologies in order to provide consumers with better in-store service. These companies have been working to broaden their reach through mobile commerce and e-commerce and, as a result, have been seeing declining in-store sales. Some consumers have even begun gravitating to online shopping platforms that are offered by other companies. This competition is driving innovation in the retail industry as companies attempt to find the best balance between mobile commerce and traditional forms of engagement.
Study predicts sales in mobile commerce to double next year
A recent study from Internet Retailer, called Mobile 400 Guide, shows that mobile commerce is growing. The study predicts that mobile commerce sales will double in 2013 as more consumers gain access to smart phones and mobile devices that are capable of facilitating mobile transactions. Retailers are feeling the need to find ways to engage consumers that are becoming increasingly enthralled in the world of mobile technology.
