Mobile payment technology has transformed the digital payment landscape in a manner that was little thought earlier. However, significant challenges need to be addressed by financial service providers in order to establish partnership with telecom operators and technology professionals in order to allow seamless mobile payment services to customers that are safe, secure as well as fast.
Mobile Payment Technology Continues to Evolve While New Product Development Strategies for NFC Type Technology Leads to Next Generation Payment Solutions
When you just start thinking that the payment modes cannot get better than the currently available ones despite some loopholes in the system, you are proved wrong. The companies in the digital payments and mobile payments solutions are trying to remain the forerunners by inventing and implementing/ integrating new solutions in the existent technologies. One such much- talked- about and rivalry- driven digital payment technology is that of EMV. EMV has gone to another level that now enables contactless payments possible in a much secured way as compared to before. So one must not wonder if chip and pin or chip and signature products sound to be things of past.
With the smarter EMV technology, companies are coming up with more compatible and cross- platform payment solutions like the Wocket by NXT-ID, Inc., Alipay by Alibaba.com, Apple Pay by Apple, Inc., Google Wallet by Google and so on. These are major rivals each promising to outrun the other by offering more secure transmission of details of your bank accounts. Considering the fraud possibilities in the existing magnetic strip/ swipe- in cards, the new product is welcoming indeed. It definitely offers the much- needed user convenience of not carrying or remembering the details of your credit or debit card every time you intend to make a payment. The change is active in the US and coming to the Asia-Pacific region through the European countries. It will take some time to be omnipresent.
About the Author
My name is Raj Bahadur Maurya. I am a commerce graduate from IGNOU, India. After completion of my graduation in 2013, I directly started freelancing. My freelancing career is different than most of the freelancers, like they think freelancing is an after-retirement option. I am currently 24 and it’s almost 2 years I have been freelancing and serving with my skills people from various corner of the world. I deal with both, students and corporate clients. I am also an internet-savvy guy. Most of the time I spend browsing internet, interacting with my team mates and my clients. I believe in quality over the quantity and too fond of learning new things.
Photo credit: Rafe Blandford