Discussion 5: MasterCardhas a new smart phone payment system which helps banks and clients use mobiledevices to monitor credit pattern usages. New payment system enables customersto use facial or finger print recognition for online purchases. There are fewchallenges and concerns for any advanced payment methods.Security for mobilepayment apps: The major concern for any customer or vendor will be thesecurity. One tap mobile apps store users credit information, financial data tomake convenient payments for buyers. Some big organizations are trying to findtheir own solutions like digital tokenization, facial recognition, fingerprintreaders and other secure options for users.Cross-platform solutions:Functioning across different operating systems, mobiles devices and networkswill be another biggest challenge. Technology solutions for this cross platformare, Direct mobile billing options which has features like speed, convenience,high security and track record.
NFC no touch mobile payments enable user toscan or tap NFC enabled phone facing an NFC reader. Adaptability: Thesepayment methods are being widely used but still people found convenience inusing credit cards and cash. Few consider smart phones as insecure and are notreliable payment methods as other methods like cash transfer or credit cards.Marketing the products and services can improve the use adaptability for new technologies.Technology: Even in thisadvanced generation there are few places where we don’t have internetconnection, network may be minimal or poor connectivity. There is an ever-increasingdemand for digital development and new mobile payment applications.
MasterCardshould make use of its partners like mobile payment providers to remove thegaps between old and new innovations. Still after having many challenged, theyare achieving growth through educating, planning and marketing strategies.