Top Trends In Mobile Payment: Part 2
By Karen Cox, Vice President, Payments & Retail Solutions, Moneris
Businesses using mobile devices to accept payment is an increasingly popular trend in the world of mobile. Embedding payment acceptance technology directly into mobile phones and tablets is an exciting area of innovation because it has the potential to displace the traditional point of sale terminal.
Imagine if your phone or tablet could accept NFC (near field communication) contactless taps and process payments as securely as today’s countertop POS (point of sale) terminal? That technology exists today and is being piloted in controlled environments. There’s still a lot of work to be done to make a compelling case for this technology, but it’s something to keep an eye on.
As with any new technology, mobile payments have awakened security concerns from consumers. Security concerns are cited as the number one reason for consumers’ reluctance to embrace mobile payment technology despite its proven benefits. On its own, a phone or tablet is not a secure device. To mitigate security concerns, consumer-facing solutions must leverage multiple layers of security which include card tokenization, use of a secure element, and strong authentication techniques like biometrics, one-time passcodes, and even multi-factor authentication. The card brands are showing early signs of including biometric use for certain in-app payments in order to qualify the transaction as “more secure.”
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