Tag: united states

Mobile payments company nTrust aims to dominate the Canadian market

| April 13, 2015

Lack of Apple Pay leads to new opportunities in Canada’s mobile payments space

Apple Pay has generated a great deal of interest in mobile payments, but it is not yet available outside of the United States. In Canada, the demand for mobile payment service is on the rise, and nTrust is willing to accommodate this demand and capitalize on the absence of Apple Pay in the country. The company intends to provide consumers with more than a mobile wallet platform, however, as its service will be considered an “all inclusive shop” where funds are transferred through a closed loop ecosystem.

Mobile wallets are becoming more important to consumers

Mobile wallets are quite useful to consumers, as they can store a wide range of information, such as financial details and information from retailers. These platforms can also facilitate mobile payments, which have become more popular with consumers that are relying more heavily on their smartphones. The service that nTrust aims to provide will allow users to create virtual representations of t heir payment cards in a process that is similar to tokenization, allowing them to make secure transactions.

20 new merchants sign up with ntrust

Mobile Payments - Canadian MarketThe company recently added 20 new merchants to its service, which will accept mobile transactions from those using the platform. These organizations have shown more interest in mobile payments as it represents a way to engage consumers in a more dynamic fashion. It is also seen as more convenient than conventional payment solutions, as consumers only need to use their smartphones to make a purchase rather than swiping a payment card or handling cash.

Secure mobile payment platform could be a success among Canadian consumers

The mobile payments market is quite crowded, with plenty of competition to go around. If nTrust wants to compete in this sector, it will have to find ways to convince consumers that it offers a secure and highly efficient experience. This experience must also be enjoyable for consumers, as lack of enjoyment with mobile payments platforms has lead to many services being abandoned by those that had used them in the past.

New security standards could be good news for the mobile commerce space

| April 7, 2015

Security standards are set to be implemented in the US in October of this year

The payments industry in the United States is poised for a major shift late this year. In October, liability for fraudulent transactions will move from card companies to retailers if these retailers have not invested in point-of-sale terminals that accept chip-based payments. The shift is meant to address issues concerning the safety of electronic transactions, which has been brought to light by the growing prominence of mobile commerce.

Standards will require retailers to invest in chip-based payment terminals

New security standards will require credit and debit cards to be equipped with a chip that will make transactions more secure. This shift happened more than a decade ago in several European countries and similar security standards are becoming more common throughout the world. In the United States, however, it has taken much longer for these standards to take hold, due to the complexities of the country’s financial structure and the retail industry. Retailers have been particularly resistant to having to fund new payment terminals in order to avoid liability issues.

Security standards could boost the adoption of mobile commerce

Mobile Commerce Security - Chip CardsFor those interested in mobile commerce, the new security standards could be seen as a boon. Security has long been an issue that the mobile world has had to manage, and the issue has become more important to address with the growing number of people using their smartphones to make purchases. The new point-of-sale terminals that retailers will have to adopt will support NFC-based transactions, which will make it easier for consumers with mobile devices to use their smartphones to pay for products in physical stores.

Card companies are pushing for security standards to take effect

October 1 is the deadline for retailers to incorporate chip-based payment terminals. There is some speculation that the implementation of security standards will be delayed, but this may cause a loss of faith in the standards themselves. Card companies are eager to have these standards instituted as soon as possible in order to bolster the security of the digital payments industry.