Tag: visa

Biometrics have succeeded in making mobile commerce more secure

Biometric technology is expected to have a major impact on the mobile payments space. A new report from Goode Intelligence has noted that this technology has helped making mobile commerce much more secure than it had been in the past. This technology involves the use of biological information, such as a fingerprint, to protect a mobile device. Many of the latest smartphones that have been released this year incorporate biometric technology in some way, especially those that have mobile payments capabilities.

Report predicts that biometrics will secure $5.6 trillion in mobile payments by 2020

According to the report from Goode Intelligence, biomteircs may be responsible for securing more than $5.6 trillion in mobile payments by 2020. This technology will be used to authorize some 226 billion transactions, with each transaction coming in at $25 on average. Consumers have shown a great deal of interest in mobile commerce, as it represents a more convenient way for them to get their shopping done. One of the problems that consumers have had with mobile payments, however, is a lack of security.

Security solutions ensure that consumers will be protected as they make mobile transactions

Mobile commerce is a very attractive market, especially among malicious groups that would be interested in exploiting the financial information of consumers. Security concerns had kept many consumers away from the mobile commerce space, which has lead several organizations involved therein to look for adequate solutions to this problem. Biometric technology has proven to be the solution that these organizations have been looking for, as the technology has proven to keep consumer information safe in an effective manner.

Tokenization and biometric technology are gaining ground among payments firms

Biometrics are not the only way to keep consumer information sector, of course. Tokenization is also becoming quite popular in the mobile payments space. This involves replacing consumer financial information with digital tokens, which are unique for every transaction. Both Visa and MasterCard are using this practice in order to ensure that those participating in mobile payments are adequately protected from malicious groups.

Shoppers throughout the 13 nations that make up the Asia Pacific marketplace use smartphones more regularly.

According to the results of a recent survey that was conducted by Visa, consumers throughout the 13 countries that make up the APAC marketplace have claimed that they have been using mobile shopping to make purchases at a considerably greater rate than ever before.

In fact, the survey results showed that the gap between e- and m-commerce is notably shrinking.

The survey compared the use of mobile shopping this year over what it was in 2014, and it determined that the market had experienced an increase of 22 percent among consumers in Asia Pacific countries. Moreover, the research also determined that there are now more consumers in that region of the world who are paying their bills and who are making product purchases by way of smartphones and desktops than there are those who make those same transactions over desktop computers.

The mobile shopping figures were published within the 2015 Regional E-commerce Monitor Survey from Visa.

The countries in the APAC region that experienced the largest amount of growth were Indonesia, China and Taiwan. They saw a growth of m-commerce use of 36, 34 and 28 percent, respectively. These figures were based on the responses that were given by 11,760 respondents who reside throughout the 13 different Asia Pacific nations. Also among those countries are Vietnam, India, Australia, Singapore and Malaysia.

The Visa survey found that consumers in Thailand were equally as likely to make a purchase over a mobile device as they were over a laptop or desktop computer. The report on the research also indicated that the gap between the use of mobile and desktop computers for commerce was decreasing in several countries including South Korea, China and Indonesia.

According to Conor Lynch, the director of regional e-commerce at Visa, the findings of the survey have revealed a rising “norm” in making purchase through mobile shopping channels. “As consumers get more comfortable using their smart devices to research, browse, and purchase, m-commerce should soon overtake traditional e-commerce habits, strengthening this channel of engagement between consumers and retailers,” he said.