Mobile app payment has taken off in the past couple of years. Payment apps have been around for quite some time. Customers and enterprises around the world enjoy the convenience of instant app payments for everything from everyday bills to lunch checks. Here’s a look at some of the most popular payment apps as well as a breakdown of what the emergence of mobile payment methods means for customers, enterprises, and privacy.
Popular Payment Apps
Mobile payment apps provide a way for the digital cloud to interact with the cash register. Google Wallet is a system that allows users an easy and accessible avenue for payment. Each user creates a PIN and enters their card information into the Google Wallet app. To make a purchase, users can simply tap their mobile phone against the payment terminal supplied by participating retailers and establishments. PayPal’s mobile payment app can connect to existing PayPal accounts. Venmo, Square, PayAnywhere, and LevelUp all have similar offerings that make paying vendors and retailers easier than ever.
Are Mobile Payment Options Opening the Door for More Fraud?
Each payment app utilizes its own security measures. Engineers are working towards uniform security protocols that can block hackers from attempting to collect the information that is stored on devices and networks. However, the risk of payment fraud is on the rise as mobile payments become more popular. New technology provides new opportunities to exploit weak points in the emerging systems and take advantage of uneducated users.
Fighting Threats to Innovation
Payment fraud is an ongoing issue that adapts to new forms of payment become available. Hackers come up with new and sophisticated ways of breaching systems to steal valuable information and make fraud attempts as innovators create new technologies to streamline shopping. However, there are safeguards enterprises can take in order to protect their users. Employing payment apps can help build customer loyalty and enable better tracking of spending behaviors. Instead of shying away from the risks of new payment methods, enterprises can mitigate risk by creating airtight security protocols. To prevent fraud, enterprises must be diligent about monitoring data and identifying anomalies. Using a platform that relies on data streaming to set baselines for activity, constantly monitoring activity and adjusting actions to block out threats in real time can drastically reduce the odds of a breach.
Mobile payment methods are an exciting new way to navigate the world of in-person and online shopping. As these technologies continue to grow, businesses need to keep up with trends while ensuring the safety of their users. Big data analytics is an important factor in predicting and resisting fraud.