Mobile is Key to Payment Security Woes

The promise of mobile commerce is a subject that we regularly cover in our blogs. The reason for this is quite simple. If current trends continue, it will become the dominant platform for digital commerce globally.

However, there remain significant barriers to universal adoption, especially around security concerns.

A poll carried out of US consumers earlier this summer showed that 64% of smartphone users not interested in making mobile payments said they didn’t want to store sensitive information on their phone, while 52% didn’t want to transmit such information to the merchant’s device.

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The Inherent Limitations Of The Contactless Card

This week saw an announcement from the UK Cards Association that the transaction limit on contactless cards had been raised from £20 to £30 to cover the average supermarket spend of £25. This is also in response to the news that the first half of 2015 saw £2.5bn spent on contactless transactions, compared with £2.3bn for the whole of 2014. Apple Pay has followed suit, although some retailers are considering scrapping the limit altogether given the authenticated nature of the transaction.

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