Security a major problem for mobile payments

It has become clear that mobile commerce is going to play a major role in the future of retail payment solutions and retailers need to pay attention if they want to keep up with consumer preferences.

Mobile point-of-sale innovator I Love Velvet released the results of its most recent consumer attitudes report. The survey found that 51 percent of Americans believe the days of the traditional cash register are over. However, while smartphones and tablets are making a bigger push into the retail sector, there is still one major hurdle—security.

According to the numbers, 57 percent of respondents ranked security as their top concern when it comes to mobile payments and 62 percent said security levels alone would be the deciding factor when it comes to picking a service. To take it a step further, 88 percent have doubts about retailer's ability to keep personal information safe and only 12 percent of consumers said they "completely trust" merchants when it comes to security.

"As the payments industry moves at lightning speed, it can be a challenge to keep up with the security requirements and standards of mobile payments," said Pascale Juan, the COO of I Love Velvet. "True enterprise-grade solutions need to be both PCI-PTS and PCI-PDS compliant. It's something not enough retailers are considering as a real and present threat – especially considering all of the security breaches and hacks we've seen on financial organizations and traditional POS systems in the past year."

Having proper POS software security is crucial for any organization when it comes to cash register solutions. However, it will play an even larger role in the future of customer payments.

Leave a Reply

Scroll to Top