How Mobile Technology is Driving Innovation and Enhancing Payment Security
Consumer adoption and merchant acceptance of mobile payments continues to grow, albeit at a slow pace for a variety of reasons. Some of the challenges and opportunities were explored at the Mobile Payments Industry Workgroup (MPIW) meeting convened in January 2017. The discussions focused on next-generation mobile innovation, with insights from other sectors, e.g., transportation, ATM, and the Internet of Things (IoT), and revisited developments with payment tokenization and the future of authentication related to mobile payments and wallets. The meeting discussions led to key findings around the benefits of payment tokenization beyond mobile payments and in shifting the reliance on a payment credential to focus more on digital identity, the inconsistency of consumer authentication tools and practices across the industry, and recognition that IoT is imminent and industry stakeholders should prepare to handle payments for new form factors.