Q: In light of the recent credit card security breaches at Target and other retailers, what are the key areas VARs and systems integrators need to address to protect their retail customers from similar catastrophes?
A: Each stolen credit card number sells for about $5 on the black market. If you store millions of credit cards in the cloud (or even on your servers), you are creating a huge incentive for people to break in and steal the information. $5M or $10M goes a long, long way in some parts of the world. The odds of getting caught and serving jail time is low, especially if you live in another country. Hacking software can be purchased for a few thousand dollars. Opportunity, low barrier of entry and low risk of getting caught will incentivise people, and especially organized crime to try and try again.
Q: What’s kept mobile payment from going mainstream?
A: Lack of good user experience, fragmentation (many solutions on the retail payments) and security concerns. People also need to get used to a new process, paying with phone instead of a credit card. But in places where there is strong payment friction and pain, like eCommerce shopping cart checkout process, consumers are welcoming easy to use systems that are also secure.
Q: What new innovations/solutions exist today that have the potential to overcome mobile payment adoption obstacles?
A: Google recently mentioned that shopping cart abandonment on mobile devices is now an outrageous 97 percent. Sekur Me is also the only product in the US, that can do 1-click payments for mobile web sites, without having to login first. It is the antidote for mobile shopping cart abandonment.
(See two short videos at https://www.youtube.com/watch?v=7dZSgNpaveg and https://www.youtube.com/watch?v=nVpcAPvVPpg)
Paydiant and Level Up have nice products for retail payments.
Sekur.me provides disruptive login and payment solutions, with the best user experience. The company’s solutions result in increased revenue and reduced support costs for merchants and websites, while providing consumers with a more secure and convenient login and payment process. Freedom from lost and forgotten passwords, and significantly reduced payment friction during the checkout process. Be secure. Lose your wallet.