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Why Your City Doesn't Have Mobile Payments

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mejiac
mejiac  
12/24/2013 11:14:50 AM
User Rank Village Voice
Re: Mobile Payments & Security!
@Ghostsys,

I do agree that there are some system/network requirements that need to be accounted for, but there's also acceptance to the local market.

In some third world countries, some banks have money transfer systems in place using SMS, so any phone with SMS capabilities can take advantage of it (this is the case of the Dominican Republic with Banco Popular with a service called "tPago"), but this requires a bank account, and many of those that deal in informal economy (which is the marjority) deal with quick, small cash transactions.

Also, another layer is thef. In many third world countries, phones (specially smartphones) are the type of electronics that are highly traded in the black market.

Is these types of issues that many times form the road blocks for any new technology to roll out.

Pablo Valerio
Pablo Valerio  
12/24/2013 6:21:49 AM
User Rank Blogger
Re: Mobile Payments & Security!
"First, the network and data servers on which payment information is sent and received is basically open to the world and so everyone who wants to spend a little time and effort, can build systems that allow them to steal your personal information. Second, the edge devices that are being used today are like Swiss cheese when it comes to allowing personal information to leak from it. "

@Ghostsys, I agree with you, but that is basically a problem in the US, not in Europe. EMV (Chip+PIN) makes all transactions securely encrypted during processing, and cards are almost impossble to duplicate.

Obviously paying with a EMV card in the US requires the use of the magnetic stripe, but Liability Shift is coming soon, and the US credit card industry will have to adapt. All NFC Mobile Wallets are EMV compliant and more secure that swiping a card through a magentic reader.

Davedgreat2000
Davedgreat2000  
12/23/2013 5:13:44 PM
User Rank Urban Legend
Re: Mobile Payments Wanted
Coin is pretty good with respect to a mobile wallet, it allows you to put all of your credit cards, debit/ATM cards and gift cards all on one device. You then get to select which card you want to use at time of payment. It lcks all the other selections so others dont use it. They then swipe it like a credit card and it takes the payment. Not bad if you ask me.

Hazel
Hazel  
12/23/2013 4:31:29 AM
User Rank Urban Legend
Re: Mobile Payments Wanted
Some mobile payment options require new hardware, which some establishments don't have and might not be willing to install. I'm definitely intrigued when it comes to Coin and I'm just hoping they'll move on to have a global reach.

Ghostsys
Ghostsys  
12/20/2013 2:32:49 PM
User Rank Village Voice
Mobile Payments & Security!
It's great to hear about all the mobile payment systems out there however, not one of them is secure enough to support real mobile ecommerce that is truely secure for users.  Every system available today is broken with respect to security. I know I will not be using mobile payments until the security issue is resolved. 

The problem that must be addressed is two fold. First, the network and data servers on which payment information is sent and received is basically open to the world and so everyone who wants to spend a little time and effort, can build systems that allow them to steal your personal information. Second, the edge devices that are being used today are like Swiss cheese when it comes to allowing personal information to leak from it.  Someone standing next to you in line, or someone lurking on the network your device is attached to, with a hundred dollars worth of readily available technology can and often do steal personal data right off users devices - mobile phones, tablets, etc. 

Until these two key issues are properly addressed, the world of mobile payments will limp along with each company trying to create its own version of a secure system and that for the most part is the big joke and the big secret in the industry.  If more users really know how insecure every one of those mobile payments systems really are, I think they would be much less likely to use them and maybe, just maybe, there would be positive movement to a standard in mobile payment systems starting with keeping mobile users information truely secure!

 

Mary Jander
Mary Jander  
12/18/2013 10:05:55 AM
User Rank Staff
Re: Mobile Payments Wanted
Ah, so there's a tug of war between mobile virtual network operators and regular cellphone network providers. The customers are getting punished!

Davedgreat2000
Davedgreat2000  
12/18/2013 8:53:48 AM
User Rank Urban Legend
Re: Mobile Payments Wanted
Pablo, the problem here in the States is not all stores have contactless terminals so we are not able to use the mobile wallet in all places like they are able to in Europe or elsewhere. Some places with the wireless contact terminals dont always have them turnd on.

The Mobile Wallet is a great Idea and something like Coin is going to be big here in the States in the near future especially once they begin to be used and we see that no issues have come up like hacking or privacy issues.

Pablo Valerio
Pablo Valerio  
12/18/2013 5:44:27 AM
User Rank Blogger
Re: Mobile Payments Wanted
Mary, the telecoms are figthing hard to control the ecosystem, and they want new services to be available only from them.

Many people use MVNOs in Europe, saving a lot of money in cell phone charges. While these MVNOs are using the operator's networks, they are luring their customers away offering much lower plans. That's why the operators are trying to find new ways to get the customers back.

The agreement between La Caixa and the telecoms means that any of La Caixa customers who wants to use its phone for NFC payments needs to have a regular contract with the operator, not through a MVNO.

Pablo Valerio
Pablo Valerio  
12/18/2013 5:39:23 AM
User Rank Blogger
Re: Mobile Payments Wanted
Dave, I tried a secure NFC solution ten months ago during the Mobile World Congress in Barcelona. La Caixa and Telefonica (together with Sony) gave us a NFC cell phone preloaded with a temporary Visa card with € 15 ($20) to spend. The system works with any contactless terminal.

In Europe all cards are unsing EMV (Chip+PIN) technology, making impossible to clone the card's magnetic stripe. NFC systems use the same secure technology to encrypt transactions.

Mary Jander
Mary Jander  
12/17/2013 3:17:54 PM
User Rank Staff
Re: Mobile Payments Wanted
Thanks, Daved. I'll be eager to find out. The more I think about it, the more attractive the wallet option seems.

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