Sponsor Robert Siciliano as he runs the Boston Marathon for Miles for Miracles, Children's Hospital Boston
ROBERT SICILIANO is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds.

FREE EBOOK

Check here if you're human

Sponsors

Mobile Payment is Coming

0
Pin It

Near Field Communications, or NFC, is the exchange of information between two devices via wireless signal. For example, a wireless signal emitting from your cell phone can act as a credit card when making a purchase.

This year, over 70 million mobile phones will be manufactured and sold with NFC built in.

NFC can be used in other ways beyond credit card transactions. It can integrate with hardware, such as your car, to unlock a door. It can activate software.

Soon enough, using your phone as a credit card will be commonplace. Mobile contactless payments, in which you pay by holding your phone near the payment reader at the register, are expected to increase by 1,077% by 2015.

According to a study by Boston-based research firm Aite Group, “The gross dollar volume of U.S. mobile payments is estimated to grow 68 percent between 2010 and 2015, but the mobile payments will continue to represent only a ‘tiny portion’ of U.S. consumer spending for many years.”

Mobile payment is still in the testing phase in the United States, Canada, and other countries around the world.

Security is paramount. A new type of smartcard-based SIM is at the core of mobile payment security. It contains a small computer with its own software designed to protect the payment account information. Your credit card provider will make sure that mobile payment is fully secure, or it will not happen.

Robert Siciliano, personal security expert contributor to Just Ask Gemalto, discusses identity theft in front of the National Speakers Association. Disclosures

About the Author
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.

Similar Posts

  • Mobile Payment Set to Dramatically Increase
    Mobile payments generally involve three participants: the mobile device, the merchant, and a financial service provider or trusted third party. That trusted third party, or TTP, is an established, reputable fiduciary entity accepted by all parties to an agreement, deal, or transaction. A TTP authenticates and authorizes users in order to secure a payment transaction, and
  • Mobile Wallets—How I Make Mobile Payments Securely
    Some say there will be a day when the wallet you carry in your pocket or purse will become obsolete. The plan is to eliminate all our credit cards, store cards, and IDs and use our mobile phones as our primary means of commerce and identification. The technology behind mobile wallet or mobile POS (point
  • Making a Case for Mobile Payment
    Mobile payment can transform your shopping experience, making it more convenient and easy—and it’s secure, too! Forbes reports, “Shopping has become very impersonal. Few people have a relationship with a salesperson who knows their style and preferences and can direct them to the right items at the right prices as soon as they walk in the
  • Which Will Make a Bigger Splash in 2012, Mobile Wallet or EMV?
    During the latter half of the past decade, a heated battle has been fought around the world to determine which payment method will take center stage in the coming years. Many believe mobile payment will leapfrog what is known as EMV, which stands for Euro MC/Visa, or chip and PIN credit card technology, and that
  • 5 Things To Know About Contactless Payment
    Contactless payment, also known as NFC or near field communication, is a technology that allows electronic devices to communicate wirelessly. In the case of a mobile wallet application, those devices would typically be a mobile phone and a point of sale terminal at a checkout counter. (NFC has other uses beyond credit card transactions: it

Leave a Comment

You must be logged in to post a comment.

Xtreme School

Featured in

Anderson Cooper John Stossel Robert Siciliano Featured in
Browse by Month

Browse by Category