FINANCE
of these innovations make it easier for consumers to go about their day without the use of cash or traditional payment cards .
How security plays into innovation Security is at the core of any payments
platform , which is why trust is a main factor in these new innovations . Not surprisingly , the latest research shows that consumers are more likely to choose payment methods provided by financial institutions , such as card payments , BPAY , direct debit and direct transfer payments .
In a recent survey by RFi Consulting , 55 percent of respondents named security as one of the top three factors that influence how they decide to pay for an item – with 29 percent saying it was the most important factor , the largest percentage of all the responses .
Security has been a critical factor for banks in the development of the newest mobile payment technologies . For example , if an NFC-enabled phone is lost or stolen , consumers are protected against fraudulent account activity in the same way as their contactless debit and credit cards .
The payment apps can be disabled by the bank , similar to putting a hold on a credit card . Additionally , consumers can choose to manage their transactions with a PIN code and certified third-party service managers handle the payment applications
16 August 2014