Last year we talked about smart phone payments. However with certain rules and regulation coming into practice, we thought it was worth another mention.
The first billion mobile owners took over 20 years, while the last billion took only 15 months.
Mobile Payments could exceed $1 trillion by 2015 and M-Commerce is predicted to reach $119 billion in 2015, with Japan in the lead, followed by China.
With these numbers in mind, the question arises, which markets will be most affected by this mobile revolution and which regions; the developed countries, attracted by the comfort of additional financial services and trendy gadgets, or the unbanked developing markets, led by the emerging bRICS (brazil, Russia, India, China, South-Africa)? giant Telco operators and hardware providers initiated this m-Payments revolution. Major stakeholders have engaged in exciting joint ventures, but heavily funded start-ups, led by young innova-tors are ready to compete with these industry giants.
New technologies offer exciting business opportunities in the developed countries, where a majority of consumers is banked. In cosmopolitan areas, where the pace of living is fast, m-Payment offers banked smartphone users, trendy alternative payment methods, providing value-added financial services, extra comfort and the appeal of attractive sales offers through coupons and customer loyalty programs. Future developments and success of m-banking, m-wallets, contactless - and other alternative mobile payment methods vary per geographical region and they depend on several factors, which together contribute to global growth of alternative m-Payment methods in the near future.
Risk Management and Compliance
In May 2012, The PCI Security Standards Council issued a new document which explains its views on Mobile Payment security, and provides guidelines for online merchants, which accept payments through mobile devices, such as smartphones or tablets.
“The ability to use smartphones and tablets as PoS terminals to accept payments in place of traditional hardware terminals offers great flexibility,” a prepared statement reads. “As mobile technology continues to change at a rapid pace, the Council continues to work with the industry to ensure data security remains at the forefront of mobile evolution.”
Further Reading: Smart Phone Payments by Web-Merchant Services
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