In light of recent advances in technology– the mobile payment sector is fighting to be the next big thing.
While our friends in Asia and parts of Europe have already been making purchases with their phones, mobile payments in the UK haven’t really taken off.
The biggest problem with mobile payment and top of everyone’s greatest worry is security. When it comes to people’s payment processing, data is of the utmost importance. People are generally very reluctant to enter their payment details when very few sites offer any obvious security measures.
There are 3 important factors to think of when you’re making a payment:
• Make sure it’s only sent to the POS system, rather than passing through third-party services.
• Your payment details are stored carefully on your phone
• Make sure it is encrypted when it’s sent to the POS system
However, despite the security measures and concerns million os people use the POS terminals and systems which in actual fact aren’t that secure. Ironically, there is no evidence that mobile payment is any less secure.
Starbucks has recently started accepting mobile payments. They claimed 3 million people paid for their coffee using the company app.
How long will it be until we pay for our Sunday newspaper using your smartphone?