John Petersen, head of business development of ValidSoft discusses the challenges of industry collaboration as payments go mobile
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Electronic commerce is undergoing a revolution driven primarily by the advancements in telecommunications technology. People can now transact with financial institutions, companies and government agencies via the internet on their mobile phone. This is very different to the way we used to manage our money five or even ten years ago, and we can be sure that it will change yet again five years from now.
Near field communications, Person to Person payments, M-banking, mobile wallets, alternative payment networks, SIM based credit and debit cards are all methods of payment that consumers have heard of, but not entirely familiar with. This will change as they become ubiquitous and acceptable forms of payment.
Unfortunately, with these new channels of payment, come unwanted side effects, namely cyber threats capable of stealing money and private data. The industry, namely MNOs, merchants, smart phone manufacturers, banks and card issuers, all need to work together to find a best practice solution to combat cyber crime.
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By GlobalDataAs the new transaction model is largely centred around the mobile phone, so too must the security model.
The solution is to use a layered approach to security, incorporating various telecommunications based technologies that use both visible and invisible layers that work in real-time. This is what is needed for the new dynamic forms of payment.
