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Mobile Payments

Mobile Payments. Commerce Without Cash or Credit Cards. Traditional Methods of Payment. Cash Check or Money Order Traveler’s Checks Credit Cards and Debit Cards Pre-paid Cards (e.g., Gift Cards, MetroCard ) Combination Cards (Loyalty Plus Payment) e. g., Starbucks Card

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Mobile Payments

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  1. Mobile Payments Commerce Without Cash or Credit Cards

  2. Traditional Methods of Payment • Cash • Check or Money Order • Traveler’s Checks • Credit Cards and Debit Cards • Pre-paid Cards (e.g., Gift Cards, MetroCard) • Combination Cards (Loyalty Plus Payment) • e. g., Starbucks Card • NFC or RFID Tokens (“tap to pay”)

  3. Cyber Payments • Secure Web site • Uses credit card numbers, often with CVV • Cyber Wallets • PayPal, Amazon.com, iTunes, Google Wallet • Cryptocurrency • Bitcoin, eGold, etc.

  4. Mobile Payment Processing • Moves credit/debit card processing to the mobile device • Square • Pay Anywhere • PayPal Mobile • Intuit

  5. Hybrid Payment Systems • Moving Cards and Cyber Wallets to mobile devices • PayPal app – access your PayPal account • Amazon apps – purchase merchandise, MP3s • Google Wallet – for Google Play & apps that accept the wallet • iTunes and the App Store • Combination card apps • Starbucks, Dunkin Donuts, etc. (scan to pay)

  6. NFC: Payment’s Next Iteration? • NFC: Near Field Communication • Devices must be in close proximity (??) • Login plus secure PIN to access payment method • Secure settings within the NFC chip (specific to the device) • Accounts must be manually migrated to upgraded devices

  7. NFC and Mobile Payments • Isis Wallet • Hover/tap to pay • Available for Android and iOS • Based on NFC (built into newer, high-end Android phones, newer iOS systems can access with special cases) • Copies credit/debit card information to your phone (limited number of banks and services) • Limited (but growing) number of loyalty programs

  8. Isis Incentives • Isis and American Express Serve (a prepaid card) have been offering $25 to join the program (available through certain wireless carriers) • Verizon Wireless has been offering $1 credit per wireless purchase with AmEx Serve • My Coke Rewards incentives to join through, or to attach existing accounts to, Isis • Other credit incentives have been offered to “seed the market”

  9. Other Incentives • Dunkin Donuts and Isis are both offering referral incentives • Loyalty programs usually reward in merchandise or in “points” to be redeemed for merchandise

  10. Is Mobile More Secure than Credit Cards? • Pros: • NFC: Secure chip, dual identification • Magnetic stripes cannot be force-read (street device) if cards are not present • Cons: • NFC: Can the radio and/or the app(s) be hacked? • NFC: Despite the availability map, many locations have “contactless payment” disabled • What if you lose or break your device (or it is stolen)? • Security apps, remote wipe of device • Card management through computers/Web

  11. Other Considerations • Resource Management • How many different places do you want to store money? (What if you suddenly need it all in one place?) • How much room on your device do you want to allocate to wallet apps and loyalty apps? • How many of these apps come pre-loaded as “carrier bloatware”? • What if you don’t have a data plan (or a 3G/4G chip)? • Back End Security • Your financial information is only as secure as the systems through which it is sent

  12. NFC Security: Resources • 8 Myths About Mobile NFC (Gemalto Security) • How Secure is NFC Tech? (How Stuff Works) • Security Concerns with NFC Technology (NearFieldCommunication.org) • Nearfield Communication (Wikipedia) • NFC FAQ (Smartcard Alliance)

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