Tag: nfc technology

Digital wallet apps are growing in popularity and NFC technology is becoming more widespread.

The smart technology sector has been increasing the interest that consumers have been having in mobile payments services and apps, and it is now believed that these transactions are finally starting to take off in a meaningful way.

This market now has quite a large number of players that each offer their interpretation of the best service.

Within this mobile payments market, NXT-ID Inc, a biometric security company, is expecting that it will become profitable in 2015. This, according to Gino Pereira, its chief exec, at a time in which it is now rolling out an alternative digital wallet service to some very large competition, including Apple Pay. This service is hoping to be able to stand out from the rest with what it feels are exceptional mobile security protections.

Mobile payments has been held back by a continual fear consumers hold with regards to security.

Consumers have yet to feel confident that their sensitive private and financial data will be held secure when using their smartphones as a mobile wallet. According to Pereira, NXT-ID is expecting that its voice- and passcode-protected “Wocket” wallet will be adopted quite quickly. He recently stated that “Even if you take a small percentage of credit cards holders (in the United States) and multiply it by $150 you will see there is a multi-billion-dollar market that is available to us.”

The day before Pereira made that statement, NXT-ID had stated that it had brought in an unidentified sum of money in order to give its Wocket production a boost. It has since experienced a near doubling of its share. The company, based in Connecticut, was founded in 2011. Last year, it did not report any revenue, but it did report a $1.54 million loss.

Since the unveiling of Apple Pay, mobile payments has been gaining a great deal more attention as both merchants and consumers, alike have been taking this transaction much more seriously. Both that service and Wocket, by NXT-ID will function on existing terminals found in stores across the country.

China Mobile calls upon Gemalto to help make payments more secure for Chinese commuters

Gemalto, a leading provider of digital security solutions, has been chosen by China Mobile to protect consumers using mobile payments for mass transit in Beijing, China. The company will be using its UpTeq NFC Multitenant SIMs in order to protect consumer information when they are making payments for transportation services. The SIMs that mobile consumers will be using will come pre-loaded with the Beijing transit application, which is used by more than 22 million commuters every day.

Transportation app will allow consumers to easily make payments for transit services

The application has been a boon for those making daily commutes. The app allows people to pay for transit services using their mobile devices, making the payment process more convenient. China Mobile has been a prominent supporter of mobile payments in recent years and believes that the public transportation space could use more support in its engagement of mobile consumers. Ensuring that payments made from a mobile device are secure could encourage more people to take advantage of the mobile services that the public transit space is offering.

New SIMs will provide mobile devices with NFC capabilities

The UpTeq NFC Multitenant SIMs will be able to host a wide range of mobile services, including couponing and loyalty programs. The SIMs will be able to give most smartphones NFC capabilities, allowing them to interact with NFC-based payment and marketing initiatives. China Mobile users will also be able to make use of NFC-enabled mobile applications that can be downloaded through the organization’s 4G networks.

Improving security may help make mobile commerce more attractive to consumers

Security is one of the top priorities for companies that are beginning to enter the mobile commerce space. Many consumers have been wary of mobile payments because of the lack of security solutions available for new payment platforms. As security increases, more consumers are likely to participate in mobile commerce. Gemalto has significant experience in matters of security and may be able to help promote mobile payments among Chinese consumers.