CIO Today

CIO Today Network Sites:   Top Tech News  |   CIO Today   |   Mobile Tech Today   |   Data Storage Today
Daily Briefing for Technology's Top Decision-Makers
Neustar, Inc.
Protect your website & network
using real-time information & analysis

www.neustar.biz
Wednesday, April 23rd 
The future of tape is here.
This ad will display for the next 20 seconds. Please click for more information, or scroll down to pass the ad, or Close Ad.
Trending Topics:   Security Heartbleed Big Data Cloud Computing Windows XP Data Centers OS X Mavericks
Home
Enterprise Software
Enterprise Hardware
Big Data
Network Security
Cloud Computing
CRM Systems
Data Storage
Operating Systems
Communications
CIO Issues
Mobile Tech
Chips & Processors
World Wide Web
Business Briefing
After Hours
Press Releases
 
Free Newsletters
Top CIO News
 
Mobile Tech Today
 

After Hours

Industry Plans Mobile Payment Push

Industry Plans Mobile Payment Push
February 28, 2014 9:42AM

Bookmark and Share
A variety of mobile wallet systems store credit or debit card data on phones in encrypted form, but most people still prefer plastic. Now, proponents are making a push. Visa and MasterCard will let NFC phones access card info over the web, while Samsung's new Galaxy S5 smartphone will let people authenticate PayPal transactions with a fingerprint.

Your Next Generation Data Center Is Here! Vblock™ Systems: the world's most advanced converged infrastructure are built on the Cisco Unified Computing System with Intel® Xeon® processors. Vblock™ Systems deliver extraordinary time to market, ROI and TCO, and flexibility to meet your continually changing demands with 5X faster deployment, 96% less downtime, and 1/2 the cost. Click here to learn more.

Many people use their smartphones to watch videos, play games and wake them up in the morning. Some even use them to generate digital boarding passes to fly. So why not use phones to buy stuff at retail stores as well?

A variety of mobile wallet systems store credit or debit card information on phones in encrypted form, offering more security than standard plastic cards with magnetic stripes. To make a purchase, simply tap the phone on a card reader or wave a bar code over a scanner. There's convenience in not having to fish out your card.

Yet most people still prefer plastic.

Mobile payments have perpetually "been 18 months away from being big," said Kebbie Sebastian, managing director of Penser Consulting, a London-based payments advisory firm.

Use has been limited to a handful of retail stores, vending machines and transit systems around the world. A 2013 report from the Federal Reserve in the U.S. said only 6 percent of smartphone users had made such a payment within the previous year.

That isn't stopping proponents from making yet another push this week at the Mobile World Congress wireless show in Barcelona, Spain.

Visa and MasterCard both plan to let phones with near-field communication chips, or NFC, access card information over the Internet. Before, the data had to be stored on a secured part of the phone and required the cooperation of device makers and mobile operators, which had competing payment systems.

Samsung, meanwhile, said its new Galaxy S5 smartphone will allow people to authenticate PayPal transactions with a fingerprint rather than a passcode. It comes as PayPal works on equipping merchants with wireless sensors so that repeat customers can pay while leaving their phones in the pocket.

And a startup called LoopPay recently released an iPhone app that works with a phone case or attachment to imitate the magnetic signals that regular cards produce when swiped. This way, retailers can accept app payments with standard card readers.

One of the biggest obstacles has been the lack of readers that retailers can use to accommodate mobile payments.

Avivah Litan, a security analyst at Gartner, said that's changing as U.S. merchants face a 2015 deadline to accept cards with security chips, which are currently more common in Europe than in the United States.

That's when Visa will shift some of the liability for fraudulent transactions to the merchant. Retailers are upgrading card readers as a result, and those typically come with NFC technology. (continued...)

1  |  2  |  3  |  Next Page >

 

© 2014 Associated Press/AP Online syndicated under contract with NewsEdge. All rights reserved.

Tell Us What You Think
Comment:

Name:



 After Hours
1. Aereo CEO Speaks Out on Future
2. Project Ara Phone Version Ahead
3. Beware: Facebook Shares Your Locale
4. Easter Egg! Microsoft's Clippy Is Back
5. Zynga Launches Mobile FarmVille




 Most Popular Articles
1. BlackBerry Drops T-Mobile After Nasty Spat
2. Cisco, IBM Launch Internet of Things Consortium
3. Salesforce CRM Gets Industry Specific for Internet of Customers
4. Intel Bets on Cloudera for Big Data Analytics
5. SAP HANA Data Warehouse App Gets Faster Analytics

 Related Topics  Latest News & Special Reports

  Hortonworks, Concurrent To Partner
  Microsoft, BMC Targeting VMware
  AT&T in $500M Net Video Partnership
  Verizon Report Exposes Cyberthreats
  Samsung: $2.2B Too Much for Apple

 Technology Marketplace
Business Intelligence
Get real-time, cloud-based information services with Neustar.
 
Cloud Computing
Next Generation Data Center Is Here! Vblock™ Systems from VCE
 
Contact Centers
HP delivers the future of the contact center with HP Qfiniti 10.
 
Data Storage
Next Generation Data Center Is Here! Vblock™ Systems from VCE
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Enterprise Hardware
Barium Ferrite (BaFe) is the future of tape.
2.5" Enterprise-class SATA & SAS SSDs for server & storage applications
 
Hardware
Protect your network with APC Smart-UPS battery backup
 
Network Security
Protect your network with APC Smart-UPS battery backup
 

Network Security Spotlight
Verizon Data Breach Report Exposes Top Threats
Beyond Heartbleed, there are cyberthreats vying to take down enterprise networks, corrupt smartphones, and wreak havoc on businesses. Verizon is exposing these threats in a new report.
 
Where Do Web Sites Stand, Post-Heartbleed?
A security firm says the vast majority of Web sites have patched themselves to protect against the Heartbleed bug, but now there are questions raised on the reliability of open-source programs.
 
White House Updating Online Privacy Policy
A new Obama administration privacy policy explains how the government will gather the user data of online visitors to WhiteHouse.gov, mobile apps and social media sites, saying much is in the public domain.
 
Navigation
CIO Today
Home/Top News | Enterprise Software | Enterprise Hardware | Big Data | Network Security | Cloud Computing | CRM Systems
Data Storage | Operating Systems | Communications | CIO Issues | Mobile Tech | Chips & Processors | World Wide Web
Business Briefing | After Hours | Press Releases
Also visit these Enterprise Technology Sites
Top Tech News | CIO Today | Mobile Tech Today | Data Storage Today

Services:
FreeNewsFeed | Free Newsletters | XML/RSS Feed

About CIO Today Network | How To Contact Us | Article Reprints | Services for PR Pros (In partnership with NewsFactor) | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 CIO Today. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.