Discussion information, financial data to make convenient payments for

Discussion 5: MasterCard
has a new smart phone payment system which helps banks and clients use mobile
devices to monitor credit pattern usages. New payment system enables customers
to use facial or finger print recognition for online purchases. There are few
challenges and concerns for any advanced payment methods.

Security for mobile
payment apps: The major concern for any customer or vendor will be the
security. One tap mobile apps store users credit information, financial data to
make convenient payments for buyers. Some big organizations are trying to find
their own solutions like digital tokenization, facial recognition, fingerprint
readers and other secure options for users.

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Cross-platform solutions:
Functioning across different operating systems, mobiles devices and networks
will be another biggest challenge. Technology solutions for this cross platform
are, Direct mobile billing options which has features like speed, convenience,
high security and track record. NFC no touch mobile payments enable user to
scan or tap NFC enabled phone facing an NFC reader.

Adaptability: These
payment methods are being widely used but still people found convenience in
using credit cards and cash. Few consider smart phones as insecure and are not
reliable 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 this
advanced generation there are few places where we don’t have internet
connection, network may be minimal or poor connectivity. There is an ever-increasing
demand for digital development and new mobile payment applications. MasterCard
should make use of its partners like mobile payment providers to remove the
gaps between old and new innovations. Still after having many challenged, they
are achieving growth through educating, planning and marketing strategies.