Mobile Payments: Hamburgers, Coffee, and Committees

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The mobile payments industry has seen ample amount of action this month. To new partnerships to the formation of a Mobile Payments Committee, the mobile payments revolution is coming, and at full force. As businesses follow the trend of mobile payments, its vital that they implement mobile security measures that will support their newest functions. As 65% of experts have agreed, mobile payments will become mainstream by the end of this decade. While keeping up with trends is important, protecting your business and consumers is even more important as payments are processed.

After Starbucks announced their partnership with Square, Paypal was not far behind from announcing some news of their own. Paypal has teamed up with McDonalds to offer a mobile payment option that will allow customers to order and pay on their mobile phone prior to coming into the restaurant. Once they get there, they simple pick up their food and go. In addition to making fast foodfaster, Paypal also announced a deal with Discover that will essentially allow consumers to pay via Paypal at any retail location that accept Discover. 

Last but not least, the Electronic Transactions Association (ETA) has created a committee including all four major mobile network operators to act as a guide to the mobile payments industry. This committee will provide resources and implement industry-wide solutions both domestically and internationally. This cross company group will propose policies and solutions that are voluntary for the time being, and help ensure that companies new to mobile payments provide reliable and secure systems.

Security will becoming a bigger piece of this pie as the industry forms and defines how mobile payments will function in the future. This may include policies and guidelines much like those formed by the FFIEC. As the mobile payments movements becomes more common, so will mobile security. Be sure to look into protecting your business and consumers before looking into joining the mobile bandwagon.

[Contributed by EVS Marketing]