PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Wireless Payments May Be The Future, But 'Chip And PIN' Is Ready Now

Joseph Walent by Joseph Walent
March 17, 2016
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

The burn of excitement around mobility payment schemes continues to generate enough smoke that even the most level-headed payments industry analysts can lose sight of the vital issues at hand, namely fraud. While much is made of the fraud mitigation aspects of NFC and biometrics that are and will be employed when making mobile payments, there remain some critical issues the author reminds us to the keep in the forefront in clear view.

Financial institutions have insisted that mobile pay is inevitable, which may be true one day, but the payment ecosystem must reflect the population’s current needs and concerns in the meantime. According to a Pew Research report last year, only 64% of Americans own a smartphone. Nearly half, 48%, of smartphone users say they have had to turn off their cell phone service for a period of time due to financial constraints. What then? Are we supposed to ignore the payment safety considerations for a large share of the public who does not have a smartphone or loses their wireless service? Are they just out of luck?

Focusing solely on mobile payment systems would not only be irresponsible but certainly would discriminate against those who may not want to or be able to afford to use smartphones to make the everyday purchases they depend on.

In advocating for existing for greater education and rollout of existing technology, the author encourages the payment industry to gain some near-term focus on the issue that is in many ways and elephant in the room, fraud. And, in encouraging the wider use and acceptance of the ‘Chip And Pin’, the idea of ensuring that the economic divide is not exacerbated with cavalier thinking regarding constant accessibility of wireless service due to economic pressures.

Ensuring that all have access a viable alternative to mobile payment schemes as they are being designed presently dependent on wireless connectivity needs to be a guiding principle as we map out our path to next generation payment methods.

Overview by Joseph Walent, Senior Analyst, Emerging Technology Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    How Are Small Businesses Using Embedded Finance?

    Three Questions to Ask Before Adopting an Embedded Finance Platform

    June 9, 2023
    cashless payments

    Exploring The Future of Cashless Payments

    June 8, 2023
    debit cards, Gen Z

    Debit Builds Consumer Loyalty Among Gen Z and Other Top Demographics

    June 7, 2023
    check fraud

    Check Fraud: The Threat is Real

    June 6, 2023
    smart banking

    Smart(er) Banking Requires More Than Just Tech

    June 5, 2023
    Google Wallet Expands Features

    Google Wallet Continues to Bet on Digital with Expanded Features

    June 2, 2023
    digital value

    How Embracing Digital Value Can Help Solve the B2C Payments Conundrum

    June 1, 2023
    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result