Differentiate Mobile Payments Offerings to Get Ahead

  • Phone Verification

By 2017, the mobile payments market is expected to reach $1.3 trillion as predicted by Juniper Research yes, trillion. This number will reach such a high altitude assuming that consumers that are unaware of mobile payments now will jump on the bandwagon. Seeing how quickly people are adapting to this new concept, its safe to say that these numbers will be spot on in the next 5 years, or at least very close. The Mobile Payments Strategy Report noted that physical goods sales from mobile/nomadic devices will account for 30% of all e-commerce by 2017 as well.

So what does this mean for businesses? As we have seen business move to almost 100% online, we are now starting to see it move from online to mobile. As mobile commerce, mobile banking, and mobile everything starts to become more mainstream, consumers are going to start having higher expectations for mobile business. Just as brick and mortar stores do their best to serve their customers, mobile aspects of those same companies will also have to adapt the means of making their customers happy. Mobile consumers may love the convenience of on the go transactions, but they may not love the risks that come with it. Mobile security is major issue that businesses are trying to understand as they enter this newest move in technology.

Now that most financial institutions and retail stores are offering mobile features, they need to differentiate their solutions by implementing a mobile security system. By integrating identity verification and authentication into your mobile business, whether its mobile banking or m-commerce, your company will stay above water when the mobile revolution takes full force. The businesses that jump on the mobile bandwagon without taking security into consideration may last temporarily, but as mobile services become more popular they will lose to companies with secure options. The cost of mobile fraud prevention is better implemented sooner than later. By supporting mobile security measures now, your company can distinguish mobile offerings and outlive those who do not.

[Contributed by EVS Marketing]