The Future of Mobile Payments; Robust Growth for Mobile Payments Predicted but Security Concerns Act as Potential Inhibitor
POINT ROBERTS, WA and NEW YORK, NY–(Marketwired – November 09, 2015) – Investorideas.com, a global news source covering leading sectors including tech, reports on the rapidly growing mobile payment sector in the US and some of the key challenges it faces in increasing consumer acceptance and adoption.
Investor Ideas recently attended the Money20/20 2015 Conference held at the Venetian in Las Vegas, one of the largest events covering payments and financial services innovation. From keynotes to panel sessions, to product launch tracks, the audience was told over and over about the robust growth anticipated in mobile payments over the coming years.
One of the experts speaking was Bryan Yeager Analyst at eMarketer Inc. (www.emarketer.com) who presented a session track, Market Overview: Mobile Wallets & Payments, t talked about the robust growth of mobile payments in the US. His firm says Mpayment transaction values will triple in 2016. In terms of mobile payment user growth it is projected to grow to 37.5 million users in 2016, up 62%.
In spite of the tremendous growth there are a few factors that are acting as inhibitors and as Bryan Yeager framed it in in his presentation, the most notable is “Security, Security, and Security.”
He cited that “57% of US internet users cited security concerns the main reason they were hesitant to use mobile payment services.”
(Walker Sands, Dec. 2014)
He also noted “62% of US smartphone owners that don’t use or plan to use a mobile wallet cited worries about security as the reason.”
(Chadwick Martin Bailey, June 2015)
ID Global Solutions Corporation (IDGS) (IDGS), a company focused on fraud management and global payment solutions, recently announced the launch of IDComplete to address security issues in the sector.
IDComplete is a highly secure, encrypted, real-time, multi-user, out of band, pin-based verification solution to prevent card fraud.
IDComplete utilizes a secure encrypted irreversible tokenization process with multi-factor authentication to enable secure real-time cardholder verification.
IDComplete enhances the security of physical card and digital token transactions providing consumers the ability to authorize or decline card present and card not present transactions in real-time using their registered smartphones.
Mr. Thomas Szoke, Chief Executive Officer of ID Global Solutions Corporation said, “The best way to alleviate consumer security concerns regarding payment solutions is to allow them to perform real-time authorizations for their transactions.”
Video clips; The Future of Mobile Payments Money 20/20 2015 Part one; Bryan Yeager Analyst eMarketer
About Investor Ideas ( http://www.investorideas.com/ )
InvestorIdeas.com is a global investor news source that follows the money in mining, energy, renewable energy, water stocks, food and beverage (including organic and LOHAS, wine), defense and security, biotech, technology and mobile. We have also recently expanded our global coverage to include Latin American stocks, sports and entertainment.
Follow Investorideas.com on Twitter https://twitter.com/#!/Investorideas
Follow Investorideas.com on Facebook https://www.facebook.com/Investorideas
Sign up for free news alerts at Investorideas.com
Disclaimer/Disclosure: The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. Disclosure: IDGS has retained Investorideas for PR and media: two thousand five hundred per month and one hundred and fifty thousand 144 shares total for the 6 month period. http://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer: Effective September 15 2008, all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with SEDAR. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.