Mobile transactions are found better compared to plastic cards

25 July 2016

Enhanced security of mobile commerce contributes to the customer’s preference of mobile transactions over the plastic payment cards, according to the latest research. Mobile transactions feature several level of security, identification and authentication increasing the attraction for the consumers and service providers as compared with the material ways of transactions.

As noted by the research agency board member, mobile commerce incorporating better and open safety control tools serves as a platform for deeper business relations and confidence. As mobile payments are more secure, they result in cutting the costs due to lower scam cases.

Besides, with the mobile platforms for payment processing businesses may have wide possibilities to arrange loyalty programs for consumers and additional value as they can make payment even if they have no their plastic card with them at the moment.

The study makes a forecast that across the world mobile transaction consumers will come to the line of 1.09 billion transactions by 2019, and in 2014 the figure was 44.55 million.

Meantime, there are some negative points of such transactions because during the card registration in the mobile wallet any mistyping may lead to enhanced verification from the bank where the information is sent to.

Providers need to use mobile transaction methods for reassessment of their risk monitoring procedures to study any possible problems for their better mitigation in future.

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