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Greater security could come from mobile payments compared to credit card ones

March 18, 2009 by admin  
Filed under News, News-Credit-Cards

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A recent report has suggested that consumers could enjoy a greater level of security through making mobile payments for transactions compared to credit card transactions.

This comes from the Mobile Data Association. According to the MDA once mobile payments have been introduced they could end up being more secure and safe for consumers than traditional credit card payments for purchases.

In fact, one senior official from the association said that once introduced mobile payments could actually overtake credit card repayments in terms of popularity, as the phone can be encrypted and payment operations can be disabled remotely.

It has also been revealed in recent research that contactless payment methods are becoming increasingly popular amongst savvy consumers in the UK who want to enjoy the ultimate in convenience and ease when it comes to paying for purchases.

Steve Reynolds, chairman of the MDA, said: “We can also build in a form of proximity protection whereby if the phone is taken away from the person it’s disabled. If we put these security systems in place we may have a more secure system than the current credit card system.”

It is thought that as consumers become more aware of the technology, particularly when it has been properly rolled out, the take up of contactless payment methods such as mobile phone payments will increase, and more and more people will abandon the traditional credit card for one of a number of other more convenient options that are made available to them.

The technology has already been trialed in other countries such as Australia, and according to recent reports has proven to be popular amongst consumers that want to save time and enjoy greater security.

Tags: mda, credit card payments, mobile payments, Mobile Data Association, popularity

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