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Friday, February 22, 2013

Enhance Your Mobile Payment Security

With the Advancement of Technology, the Mobile Money is the fastest growing mode of payment. But as they say, with Comfort comes Responsibility. We on TricksJunction.com have always emphasize on Security of our readers and today's post is another Step towards securing one of the fastest growing mode of payment i.e. MOBILE Payment Security.
We all work hard to earn money and we wouldn't want our hard-earned money to be vanished because of our callousness. There are many people out there waiting for your one mistake in Mobile Payment so that they can siphon off all your money with few clicks.

What is Mobile Payment?

Mobile payment is a new and exciting form of managing your money. Instead of having to pay for items through your credit card, debit card or with cash or check you can simply use an application on your phone as a form of payment. There are already a number of online applications where you can simply buy things like applications, coupons and more using your phone bill. The balance of the items is simply charged to your phone bill at the end of the month and you can just purchase simple items using your phone. As more mobile payment applications are introduced, you may be able to use your phone in order to pay with funds directly out of your bank account much like a debit card. Currently the most popular form of mobile payment is that of the form of direct billing. Though this feature is still not popular in many parts of the world but it is fast growing.

Direct Mobile Billing

Direct mobile billing works by providing customers with the option to add their own credit and debit cards into the app so that they can be charged through the application and have the option to seamlessly pay with either bank or credit all from their phone. This form of payment has become very popular in Asia and it makes it possible for people to only carry their mobile phone with them and still have a wide array of payment options.

Accepting money from your phone

Scanning add-ons for smart phones also makes it possible to accept forms of payment directly from a smart phone. This could mean that by attaching a scanner to your phone you could lend money to people in person, pay for services, or even get paid by your employer using your mobile phone.
Without the scanner people can use a near field communication device in order to transfer the data from the phone directly to their cash register or payment device. All someone paying for a service would have to do, is tap their phones near to the near field communications device to have the funds transferred directly from their account.

Trends in data

With these trends many experts expect an average annual growth rate of around 68% for mobile payments between 2013 and 2014. This could mean over $200 billion spent using mobile payments in the United States by 2015.

Is it safe?

A major concern with this form of payment comes in the form of security. Because it is fairly new there could be a lot of room for exploitation, missed payments or even missing funds from using this as a payment option. Currently mobile payment is very secure. There are two different forms of authentication in the form of a password and pin number before a customer can be charged for purchase. There is also encryption on any of the payment data that is sent from a phone to an authorized payment source. Companies are continuing to work on a universal form of mobile payment that will have the same amount of security as a regular credit or debit card. 

Precautions: 

There are many precautions which you should take while performing a transaction from your phone.
When using mobile payment, it is very important to potentially work on pass wording your phone, installing security software on your phone, coming up with a difficult pin for your mobile payment option, and also consider downloading tracking software for your phone if you should ever lose it. ALSO, never click on luring Advertisements which might lead you to websites having malicious content. For more on Security, visit our Security Section

Conclusion

It may take some time before mobile payment becomes even more popular in the World, for right now however, there are plenty of security measures that you can take to protect yourself using mobile payment.

About Author: This is a guest post by D. Blackthorn – online security expert, technology fan and blogger. Dmitri is currently looking for an effective DDoS mitigation service provider for his personal tech blog.

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2 comments:

  1. Awesome article. It's helpful for us. Thanks for sharing. I like your post.

    ReplyDelete
  2. Thanks for sharing nice info
    it is really helpful for the readers i like your post keep it up

    ReplyDelete

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