Mobile Payments Continue to Grow

  • Phone Verification

It is no surprise that with the increase of dependency and popularity of mobile devices that mobile payments is such a hot topic. After attending the Midwest Acquirers Associations Annual Conference last week in Chicago, EVS is even more dedicated to spreading the awareness of mobile security.

According to an IBIS World industry report, the online payment processing software developer industry has experienced a large amount of growth over the past five years. This sudden growth has resulted in a 28% increase in revenue in 2012 reaching $11.8 billion. The average number of firms in the industry has also increased by 16.2% in the past five years and is expected to grow an additional 14.9% moving forward. As this industry getting larger, so do the risks.

Seeing that this industry is still fairly young, companies still have a great opportunity to capture a large share of this market. What will help set companies ahead in this new and rapidly growing industry? Fraud Prevention. Convenience is at the heart of this industry's growth but little consideration is noted on about the security backing up this newest technology movement. Any company who is considering developing mobile apps, wallets, or a site that supports mobile payments needs to implement an in-depth fraud prevention strategy.

Mobile devices and sites often store information for easy log-in and easy account access. This convenient feature also opens up the ability for thieves to get a hold of personal and account information. This theft can happen even without consumers knowing. By storing your passwords and information in your mobile device, consumers literally turn their cell phones into walking banks.

Thieves can then use this misinformation to not only harm the consumer but businesses as well. Fraudulent information processed by banks and other financial institutions can cause major problems down the road. By adding ID verification and authentication to your fraud prevent plans, you can protect yourself, clients, and business. [Contributed by EVS Marketing]