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Mobile Payments. Commerce Without Cash or Credit Cards. Traditional Methods of Payment. Cash Check or Money Order Traveler’s Checks Credit Cards and Debit Cards Pre-paid Cards (e.g., Gift Cards, MetroCard ) Combination Cards (Loyalty Plus Payment) e. g., Starbucks Card

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mobile payments

Mobile Payments

Commerce Without Cash or Credit Cards

traditional methods of payment
Traditional Methods of Payment
  • Cash
  • Check or Money Order
  • Traveler’s Checks
  • Credit Cards and Debit Cards
  • Pre-paid Cards (e.g., Gift Cards, MetroCard)
  • Combination Cards (Loyalty Plus Payment)
    • e. g., Starbucks Card
  • NFC or RFID Tokens (“tap to pay”)
cyber payments
Cyber Payments
  • Secure Web site
    • Uses credit card numbers, often with CVV
  • Cyber Wallets
    • PayPal,, iTunes, Google Wallet
  • Cryptocurrency
    • Bitcoin, eGold, etc.
mobile payment processing
Mobile Payment Processing
  • Moves credit/debit card processing to the mobile device
    • Square
    • Pay Anywhere
    • PayPal Mobile
    • Intuit
hybrid payment systems
Hybrid Payment Systems
  • Moving Cards and Cyber Wallets to mobile devices
    • PayPal app – access your PayPal account
    • Amazon apps – purchase merchandise, MP3s
    • Google Wallet – for Google Play & apps that accept the wallet
    • iTunes and the App Store
    • Combination card apps
      • Starbucks, Dunkin Donuts, etc. (scan to pay)
nfc payment s next iteration
NFC: Payment’s Next Iteration?
  • NFC: Near Field Communication
    • Devices must be in close proximity (??)
    • Login plus secure PIN to access payment method
    • Secure settings within the NFC chip (specific to the device)
    • Accounts must be manually migrated to upgraded devices
nfc and mobile payments
NFC and Mobile Payments
  • Isis Wallet
    • Hover/tap to pay
    • Available for Android and iOS
    • Based on NFC (built into newer, high-end Android phones, newer iOS systems can access with special cases)
    • Copies credit/debit card information to your phone (limited number of banks and services)
    • Limited (but growing) number of loyalty programs
isis incentives
Isis Incentives
  • Isis and American Express Serve (a prepaid card) have been offering $25 to join the program (available through certain wireless carriers)
  • Verizon Wireless has been offering $1 credit per wireless purchase with AmEx Serve
  • My Coke Rewards incentives to join through, or to attach existing accounts to, Isis
  • Other credit incentives have been offered to “seed the market”
other incentives
Other Incentives
  • Dunkin Donuts and Isis are both offering referral incentives
  • Loyalty programs usually reward in merchandise or in “points” to be redeemed for merchandise
is mobile more secure than credit cards
Is Mobile More Secure than Credit Cards?
  • Pros:
    • NFC: Secure chip, dual identification
    • Magnetic stripes cannot be force-read (street device) if cards are not present
  • Cons:
    • NFC: Can the radio and/or the app(s) be hacked?
    • NFC: Despite the availability map, many locations have “contactless payment” disabled
    • What if you lose or break your device (or it is stolen)?
      • Security apps, remote wipe of device
      • Card management through computers/Web
other considerations
Other Considerations
  • Resource Management
    • How many different places do you want to store money? (What if you suddenly need it all in one place?)
    • How much room on your device do you want to allocate to wallet apps and loyalty apps?
      • How many of these apps come pre-loaded as “carrier bloatware”?
    • What if you don’t have a data plan (or a 3G/4G chip)?
  • Back End Security
    • Your financial information is only as secure as the systems through which it is sent
nfc security resources
NFC Security: Resources
  • 8 Myths About Mobile NFC (Gemalto Security)
  • How Secure is NFC Tech? (How Stuff Works)
  • Security Concerns with NFC Technology (
  • Nearfield Communication (Wikipedia)
  • NFC FAQ (Smartcard Alliance)