Emerging payment methods
Thales, provider of e-security, has written about emerging mobile payment technologies – the more common approach of turning the phone into a credit card using a specialist security chip within the phone known as the Secure Element and the secure cloud services used by companies like PayPal and Square – and poses the question: which of the two is more likely to be the preference for card issuers, merchants and consumers in the future?.
It concludes that “any new payments ecosystem built around mobile and cloud connectivity could look very different to the world of payments we are currently familiar with – to both the industry and consumer alike.”
According to Ian Hermon, mobile payment security specialist at Thales e-Security: “We have been talking about the arrival of mobile payments for almost a decade now. Whilst we have seen big players in the retail market, such as Starbucks, invest in mobile payment platforms we are still a long way off from having one universally accepted model. Whether the industry moves to place its trust in the handset or in the cloud, one thing is for certain, the system as a whole will need to be protected from compromise or misuse.”
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