Mobile phones have increasingly become tools that consumers use for banking, payments, budgeting, and shopping. Given the rapid pace of developments in the area of mobile finance, the Federal Reserve Board began conducting annual surveys of consumers’ use of mobile financial services in 2011. This 78-page report, “Consumers and Mobile Financial Services” (March, 2015) examines trends in the adoption and use of mobile banking, payments, and shopping behavior and how the emergence of mobile financial services affects consumers’ interaction with financial institutions.
Trustonic and Mobeewave Partner to Provide Increased Security in Mobile Payments
Trustonic and Mobeewave have partnered to provide quicker and safer contactless payments for both merchants and consumers. The partnership of the two companies will allow Mobeewave-enabled NFC devices to reach best-in-class security level for accepting contactless transactions with a mobile.
In today’s mobile and connected world a seamless user experience and flawless security is paramount. The combination of Mobeewave’s expertise in mobile acceptance with the security features of the Trustonic TEE provides end-to-end secure Mobile Point of Sale (mPOS) infrastructure for taking contactless card and wallet payments.
Up to now mPOS solutions have not completely secured the interaction with consumers on mobile devices unless merchants used add-on devices. By downloading the Mobeewave mPOS application into merchant mobile devices supporting the Trustonic technology, consumers will be able to securely tap their contactless card or smartphone against the merchant’s mobile device. The Trustonic TEE technology secures the interaction with the cardholder on the merchant’s device itself by leveraging the Trusted User Interface.
This system not only benefits both established retailers who want to provide more flexibility and a better user experience, as well as small and mobile merchants who can’t afford the complex traditional POS infrastructure set up.
“There is a lot of traction for mobile payment acceptance right now. Partnering with Trustonic will definitely fast-track the adoption of this next revolution in mobile payment“, said Benjamin du Haÿs, CEO & co-founder of Mobeewave. “We’re happy to complement our offer by leveraging Trustonic’s innovative top-of-class platform. We believe that the NFC mPOS key use case will highlight the need for better security as TEE can provide”, said Maxime de Nanclas, COO & Co-founder of Mobeewave
“The continuing trend for contactless payments changing the way we buy and sell has resulted in a need for more trust in our mobile devices”, said Olivier Leger, EVP S&M Trustonic. “Mobeewave’s mPOS platform combined with Trustonic TEE provides an enhanced, safer and more streamlined digital experience for all parties.”
Source: Business Wire