Mobile Payment, Mobile Commerce & Mobile Banking:
Are they providing alternate financial transaction options and relatively secure as well?
So, are we ready to take the risk of mobile transactions? Well, when the security is concerned, everybody hesitates and answers carefully. With a range of availability of financial transaction options in mobile today, the industry has created havoc in the world. We are forced to think about vulnerabilities and countermeasure situation in handling such transaction. 'This genuinely means that security concern requires more thought.' - This could reasonably be appropriate answer to the question.
With the following various features and advantages of Mobile payment and commerce, here I would like to assist you in making an analysis how mobile financial transactions are safe and secure:
m-Payments
With mPayments, Mobile operators can provide transaction services to people with bank accounts. It enables them to pay bills, purchase goods, and or transfer money by using cell phones and other handheld devices from anywhere, anytime. We need to understand the criticalness of each Payment and efficiency of the website or app. With alternative payment options, mobile operators providing their Users sense of security.
m-commerce
With mCommerce, subscribers are provided all kinds of financial and promotional transactions facilities. It allows them to pay, buy, bank, and remit money by using cell phones, personal digital assistants and other handheld devices that have Internet access. With the mCommerce product, mobile operators introduce a standard, convenient and reliable solution to leverage the power of mobile web technology ensuring efficient and effective delivery of all transactions the users need and expect.
Advantages of m-Payment & m-Commerce:
- Generate new revenue resources,
- Reduce frauds and insecure practices,
- Simplified usability and ease of payment options.
Mobile Banking:
In recent years, the mobile and wireless market is a buzz and is growing exponentially in the world. Mobile Banking solution enables banked customers to access banking services securely from their mobile handset, both to seek account information & to perform financial transactions.
Advantages of m-Banking:-
- Provides service differentiation for banks,
- Offers great freedom and convenience in on the move banking,
- Offers banks to drastically cut down the costs of providing service to the customers,
- Enables banks to cross-sell up-sell their other complex banking products and services such as vehicle loans, credit cards etc.
How the companies are providing security to the users?:-
- The encryption and data protection security measures are taken serious consideration,
- Standardization and regulatory compliance are followed to avoid vulnerabilities of SIM card cloning and insecure practices,
- The companies are engaging their experienced research team in developing improvised security standards.
There is nothing wrong in accepting the fact that mobile financial transactions have proven themselves risky due to security breach and eventually created hesitation in carrying out any dealing. I, however, through this article, hope you all will put in your efforts to understand the how concerned the mobile operators are, and find the ease in enjoying the next generation mCommerce ecosystem.
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