Wednesday 26 October 2016 | RSS



    News in brief

    Mobile payments to replace cash and cards by 2030?

    News in brief

    Seven in ten consumers (70%) believe that 2030 will be the year that mobile payments become secure enough for traditional payment methods such as cash and cards to no longer be required, the IEEE’s Global Cyber-security Survey has found. The biggest concerns with mobile payments today are payment information hacks (46%), unauthorized payments processed by a mobile payment provider (33%) and accidental payments made via NFC or QR codes (13%).

    Filed by Email Rian Boden Published • Last updated 18 March 2016, 15:17

    • Willam Hugh Murray, CISSP

      “Secure enough” by 2030? Seriously? Mobile payments are already dramatically more secure than cards or currency. No contest!

      Moreover, mobiles are already compensating for the risk when cards are used. An app on my iOS mobile allows me to see every charge against my card account as it occurs, It protects me against both card present and card not present fraud. While it is a detective, not preventive, measure it is timely. It is the mechanism that gets the risk of EMV/mag-stripe cards in the range of tolerable.

      Fortunately adoption is proceeding at a faster rate than public perception. Cards are the problem; the faster we go cardless, the better.

    • Robert.Walter

      Who did these people poll, folks in retirement homes and parinoid risk managers?

      Although I believe we need to maintain a cash infrastructure for several reasons, today, android pay is safer than cards and ApplePay is safer than that or cash. .

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