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Electronic wallets approach

Security needs to be a priority if mobile payments are going to make an impact, it’s claimed.

In our October 2014 issue we considered the security side to the launch of a watch by Apple. Now Apple Pay is coming to the UK next month and Google’s launching Android Pay. Electronic wallets, likewise, come with security issues as much as physical ones. Apple Pay has gone for fingerprint recognition on its mobile phones. Cindy Provin VP Global Strategy and Marketing at Thales e-Security, said: “With more consumers willing to give up physical payment methods for a digital alternative, the industry needs to ensure that security of the data is maintained. Vulnerabilities or a break down in payment services around mobile payment alternatives would limit the uptake mobile payments. As the mobile payments market continues to grow, and more and more options become available, providers such as Google and Apple will find themselves in an constant challenge to balance the convenience for consumers with ensuring the data and the services are secure.”

Anthony Duffy, director of retail banking in UK and Ireland at Fujitsu, welcomed the Apple Pay announcement. “It is likely to act as a major stimulus in the development of electronic wallets in Britain. It will also provide Apple with a head start over rivals Android Pay and Samsung Pay, neither of which have announced plans yet to enter the UK market.

“Those who are already familiar with using contactless payments will soon find that using an electronic wallet via their mobile phone is a simple and logical next step. Indeed, the growth in contactless payments is already growing and looks set to accelerate further, driven by three key developments – increased consumer comfort in using non-traditional payment options; a continued shift to internet shopping; and the appearance of new, additional payment options such as Apple Pay.

“However, others may be concerned by perceived security issues. For this reason, the industry will look to continue its twin approaches of deploying state-of-the art security and communicating its risk mitigation approaches to both current and prospective users.” He added that Fujitsu believe that iris recognition technologies offer the ultimate form of protection.


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