Mercator Advisory Group agrees with the author’s stance that the expansion of access to mobile and other digitized payment forms and the flexibility it offers to small and medium sized businesses (SMB) in accepting payments, carries with it a need to have keen awareness of the responsibility these same businesses have in preventing fraud and protecting customer data.
As the use of mobile payment software continues to rise, small business owners in particular take advantage of this unique payment process, all while paying attention to the risks associated with credit card information being sent into the aether.
Keeping data security at the forefront of any mobility payment acceptance strategy is reiterated throughout the piece, as it is indeed new ground from many SMBs. Mercator Advisory Services expects bundled offerings from merchant acquirers and SMB-oriented payment solutions, along with broader uptake of alternative payment networks and more secure methodologies, such as ChaseNet and Chase Pay will help to spread the data security burden being placed on SMBs as well. For more information on the latest in Mobile App payments, please see Mercator Advisory Group’s research note on the subject, A Deep Dive into Chase Pay.
Overview by Joe Walent, Senior Analyst, Emerging Technologies Advisory Service at Mercator Advisory Group
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