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Top Priority for Consumers and Merchants is Mobile Payment Security

Mobile Commerce Insider Featured Article

January 13, 2015

Top Priority for Consumers and Merchants is Mobile Payment Security

By Joe Rizzo
TMCnet Contributing Writer

In terms of financial transactions, medium mobile payments have been around for about 10 years. Initially, adoption was slow due to the nature of the mobile technology supporting the concept. Over the past few years, we have seen significant advances in the field of mobile technology that has made mobile payments an area of promising growth in the financial services sector.

Services-based and text-based payment and proximity device communications are appearing worldwide. The comfort level for using mobile devices to process payment transactions has grown considerably. These are the principal drivers of a resurgent and increased interest in mobile payments. There is however one aspect that will always be foremost on everyone’s mind from both ends of the spectrum. Security is and always will be of paramount importance when it comes to mobile payments.

Advances in software and hardware security techniques have made trusted financial transactions possible from mobile devices. Unfortunately, over the past 12-16 months we have heard about several major merchants and institutions, such as Target (News - Alert), Home Depot and JPMorgan Chase being hacked with thousands of account records being accessed. This has led to an even higher level of security concerns.

Consumers have grown accustomed to the convenience of mobile payments, just as merchants have found it a quick and reliable way to process payments. This has led industry analysts to conclude that we can expect to see mobile security to reach the $11 billion mark by the end of this year. Apple (News - Alert) has included Apple Pay in its latest iOS version, which is a mobile payment and digital wallet service.

Earlier this week, Axiologix, Inc. announced that it has recently launched a cloud based Member-to-Member payments service in the U.S. for both consumers and merchants. Taking into consideration the group that has so far opted not to operate a regular bank account, the goal is to provide a mobile device alternative to traditional banking services.

In conjunction with AllCom, Inc., a telecoms and payment processing company, Axiologix is offering the Genie Cash product suite. This service is designed to give merchants and small businesses the ability to make it easier to be paid by their customers. A handy feature provided by Genie Cash is the ability to Pay by Text. If a patron uses this option, they will not have to disclose details about their cards.

In addition, merchants will find Genie Cash to be a more cost effective solution for accepting mobile payments. This is accomplished because they take and process customer payments in a way that is much more cost effective than traditional processing fees. On the flip side, business owners can instantly pay their vendors by check simply by sending an email.

Keeping the financial information for both customers and merchants secure is what the game is all about. Having a secure method for mobile payments instills confidence and allows more people to take advantage of the process. Business owners have to be happy with a product that is both convenient to use and saves money.

A more convenient, more inclusive and ultimately more affordable banking service that is currently unavailable from regular banking channels is what Axiologix users are looking for. It seems that using Genie Cash is one way of achieving that goal.

Edited by Maurice Nagle

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