The
term mobile payments is often used interchangeably for mobile banking or used as a general term to describe paying for something on your
mobile device. What some consumers and even business owners may not understand
is that mobile payments can mean one of three things. There are three different type of
mobile payments: mobile commerce, mobile payments, and mobile wallets. Each one
accesses and uses personal information in a different way. Security of personal
information has become a major concern to both companies and consumers
utilizing mobile payments. In an infographic created by SapientNitro, it states
that 69% of users polled in the US and Europe worry about privacy when using
mobile payments. Consumers have also ranked they concerns about their credit
card information as the second top reason as to why they dont use mobile
shopping more.
One of the largest hurdles that a mobile payment creates is
that consumers and businesses have different obstacles and priorities. The
major factor that appeals to consumers is convenience whereas the top priority
for companies is security. So is it possible for everyone to win? Absolutely.
Companies just need to realize and understand the threat of ID theft associated
with each type of mobile payment. As Jim Van Dyke stated in his interview with Bank
Info Securityfew banks are utilizing real-time authentication, which is a
major factor that can improve security and support fraud detection. Using
out-of-brand identity
verification and authentication will
not only give consumer more control, but piece of mind as well.
