The Mobile Payment: Is It Safer than the Credit Card?

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Hope you had an awesome Easter weekend. The temperatures took a swift kick and spring all of a sudden was here. Bought a firepit to enjoy in the backyard – along with some new found bicycling trails around the area here.

Catching up on everything – the NAB videos are starting to wrap as I have some new products to review. TWIGG was a laid back show last night as we talked news of Google Glass.

 

 

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Geek Smack: The Mobile Payment. Is it Safer Than a ?

In the last few weeks there have been signs that Apple is gearing up for a mobile payment system. CNet Reports that Apple is looking to hire some executives to head this operation. Its something that Google has been working on for a few years now with Wallet. While it surprises me that Apple is still behind the game on this front, I do have to wonder:

Is a mobile payment more secure than a credit card?

I have talked in the past about how in the next 5 years you might not be carrying a wallet or keys – just a smartphone to pay for items and unlock doors. This – now 3 year out idea – could really get a boost if Apple does put together a secure payment system.

But Apple hasn’t had the best track record for “Secure”.

Two months ago Apple fixed a major glitch in their SSL code – One that apparently was there for a while. Its not the first time Apple messed up with security. This is why I don’t use Safari browser on any system.

Still, this track record hasn’t been as bad as the apparent issues with credit cards lately. Every month we find a new store with a breach. This month – Michaels craft store confirmed over 3 million cards were compromised.

We know the tides will turn toward a mobile payment system. Everyone wins on this. Apple, Google, Paypal, and Square (among many others) will get their percentage of your purchases. Banks won’t have to deal with hand-off fraud (such as Credit Card skimming – where they grab your card and take all important numbers from it) or other scams that happen in an unsecured .

Mobile banking is becoming easier and more useful. Some banks have their own apps which can be used as mobile payment. You can even do 95% of your banking through your phone – scanning checks for deposit or even applying for loans.

The people want it.

A recent study of consumers’ online and mobile purchasing attitudes was conducted by Javelin Strategy & Research and PaymentOne. They found that four out of five consumers would spend more online if offered an easier and more secure way to pay. Further, consumers believe that direct carrier billed mobile are more secure than using credit and debit cards for online digital purchases.

Wearable technology could add to security

Think about it – you could be at the register, or even online. The clerk asks for payment where you just point your watch or phone onto a NFC dongle. It may ask for a pin or a signature which verifies who you are. The pin could get generated and sent directly to your phone, which you just have to tell the clerk the number.

No more wallet.

Keep in mind – Mobile payments are not a million or billion – but a Trillion dollar industry that grows with the population. There is risk involved in this game but the could be growth for Apple and Google, among others.


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Geek Smack! is a weekly video show and podcast that comes out every Tuesday evening. Your host: Jeffrey Powers – talks tech news, IT news and geek news for the week. Geek Smack! is ©2014 under a Creative Commons no-deriv license. The cold never bothered me anyway. If you would like more information about what is technology, recent news, Geekazine, and Jeffrey Powers, feel free to contact him. Jeffrey Powers does interviews, just ask!

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