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]