The Future of Mobile Payments; Robust Growth for Mobile Payments
Predicted but Security Concerns Act as Potential Inhibitor
Point Roberts WA, NEW YORK, NY – November 9, 2015 -
Investorideas.com, a global news source covering leading sectors including tech,
reports on the rapidly growing mobile payment sector in the US and some of the
key challenges it faces in increasing consumer acceptance and adoption.
Investor Ideas recently attended the Money20/20
2015 Conference held at the Venetian in Las Vegas, one of the largest events
covering payments and financial services innovation. From keynotes to panel
sessions, to product launch tracks, the audience was told over and over about
the robust growth anticipated in mobile payments over the coming years.
One of the experts speaking was Bryan Yeager
Analyst at eMarketer Inc. (www.emarketer.com)
who presented a session track, Market Overview: Mobile Wallets & Payments,
t talked about the robust growth of mobile payments in the US. His firm says
Mpayment transaction values will triple in 2016. In terms of mobile payment
user growth it is projected to grow to 37.5 million users in 2016, up 62%.
In spite of the tremendous growth there are a few
factors that are acting as inhibitors and as Bryan Yeager framed it in in his presentation,
the most notable is “Security, Security, and Security.”
He cited that “57% of US internet users cited
security concerns the main reason they were hesitant to use mobile payment
services.”
(Walker Sands, Dec. 2014)
He also noted “62% of US smartphone owners that
don’t use or plan to use a mobile wallet cited worries about security as the
reason.”
(Chadwick Martin Bailey, June 2015)
ID Global Solutions Corporation (IDGS), a company focused on fraud
management and global payment solutions, recently announced the launch of
IDComplete to address security issues in the sector.
IDComplete
is a highly secure, encrypted, real-time, multi-user, out of band, pin-based
verification solution to prevent card fraud.
IDComplete
utilizes a secure encrypted irreversible tokenization process with multi-factor
authentication to enable secure real-time cardholder verification.
IDComplete
enhances the security of physical card and digital token transactions providing
consumers the ability to authorize or decline card present and card not present
transactions in real-time using their registered smartphones.
Mr. Thomas Szoke, Chief Executive Officer of ID
Global Solutions Corporation said, "The best way to alleviate consumer
security concerns regarding payment solutions is to allow them to perform
real-time authorizations for their transactions.”
Video clip: The Future of Mobile Payments Money 20/20 2015 Part one;
Bryan Yeager Analyst eMarketer
Read this release in full at http://www.investorideas.com/CO/IDGS/news/2015/11091.asp
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