14
Nov 2016
0

The end of payments as we know it

Developers , , , I. Romero

Money20/20 is over for another year. And as sore feet (and heads) recover and the dust starts to settle, attention is turning to the big trends and key themes.

The show has always been focused on the future and this year’s installment was no different.

In particular, there was much to make retailers sit up and take notice, for it is readily apparent that payments are in the midst of unprecedented transformation.

So, what forces are driving the change and what does the future of retail look like?

In-store on the way out?

Brick-and-mortar stores are under threat from all angles.

From a payments perspective, the in-store checkout experience is increasingly incompatible with modern lifestyles and expectations.

For example, 86 percent of consumers avoid stores with long queues, and frustration with waiting in line costs retailers billions in revenues each year. Too many retailers invest huge sums into the look and feel of stores, but neglect the pragmatic elements that can streamline the consumer experience.

In addition, many have been slow to adapt to consumer behavior and demand. Here’s an example. We are living in a digital era, yet half of U.K. small businesses only accept cash, even though the U.K. has one of the most advanced contactless infrastructures in the world, over 50 percent of UK adults carry less than £5 in cash and 54 percent of Europeans paid using a mobile device in 2016. It is this inherent conservatism and disconnect that is driving consumers away from the high street.

In-apptitude

It is not only the in-store payments experience, however, that poses challenges to retailers.

Despite the fact that consumers use their mobile devices more than their PCs, desktops account for 85% of online spending. In addition, 23 percent of users abandon mobile applications after only one use, and a staggering 86 percent have abandoned a mobile basket due to the frustration of a lengthy checkout experience. Even more concerning is that only 4 percent of small retailers even offer a mobile application that accepts payments.

It is clear, therefore, that retailers must rethink their approach to fully seize the m-commerce opportunity.

Despite the differences between in-store and in-app payments, the steps to improve them are the same. One is to remove as much friction as possible from the payments process to eliminate consumer frustration and prevent abandonment. Another is to enhance the ‘buying experience’ to make payments more than just, well, paying.

The road to invisible payments

The ‘contactless payments revolution’ has undoubtedly gone a long way to reducing friction across the payments ecosystem and shortening queues at the checkout. An advancing contactless infrastructure, an increase in near field communication (NFC)-enabled mobile devices and the launch of big name platforms has triggered explosive growth across the mobile payments industry.

And this is only the start. The wider integration of payments functionality into wearable technology is set to further streamline the checkout process, as the consumer does not have to rummage through their pocket in search of their device. This, coupled with innovations such as beacon technology (which underpins platforms such as Google’s Hands Free app), means that paying will soon require only the most limited consumer interaction.

In parallel, the introduction of ‘Buy with’ functionality within mobile applications by the OEM Pay platforms has simplified in-app purchases. Money 20/20 also saw some key announcements that will further streamline the in-app experience. EMVCo announced that its EMV 3DS 2.0 specification implements intelligent risk-based decisioning to encourage frictionless consumer authentication. The FIDO Alliance also confirmed it is working with EMVCo to enable consumers to conveniently use on-device authenticators, such as a fingerprint or “selfie” biometrics, to securely verify their presence when making an in-app payment.

With the infrastructure in place, retailers must be proactive and embrace these technologies to streamline the consumer experience and reduce checkout abandonment both in-store and in-app.

Making payments pay off

Simplicity of use, however, is only half the battle. Enhancing the buying experience is not new age marketing jargon (seriously), but rather a concrete means of integrating value-added services into the payments process to drive adoption.

The OEM Pay platforms and banks are leading the charge in delivering an added-value ‘buying experience’. For example, Android Pay automatically deploys loyalty points and applies offers, and initiatives such as ‘Android Pay Day’ offer monthly incentives. From the bank world, Royal Bank of Canada has integrated over 150 loyalty programs into its HCE wallet.

The future of retail payments

So, how are retail payments changing? A key takeaway from Money20/20 is that we can expect the concepts of in-store and in-app payments to become increasingly blurred.

For example, in-aisle payments enable retailers to combine the in-store experience with in-app convenience. Rather than queuing at the checkout, the consumer can simply scan the physical product within their mobile application, perform an in-app purchase and display their digital receipt upon leaving the store.

Predictive analytics and machine-learning are another avenue by which retailers can improve the consumer experience, with mobile applications leveraging past behavior to deliver smart recommendations.

In addition, augmented reality enables consumers to analyse product information and read reviews in-store and in real time, rather than having to research at home before heading out to the store.

The end of payments as we know it…and we feel fine

Whatever avenue mobile payments takes us down, it is clear that payments are undergoing an unprecedented period of transformation. Retailers, much like banks, are often accused of being conservative and resistant to change. But they now face a clear choice. Adapt or fall behind.

Money20/20 showcased a future in which payments are no longer a chore, but rather a rewarding experience. By moving quickly, embracing change and futureproofing their offering both in-app and in-store, retailers can find their place in this brave new world.

Source: http://www.mobilepaymentstoday.com/blogs/the-end-of-payments-as-we-know-it/

09
Nov 2016
0

Are consumers ready to leave their wallets at home?

Developers , , , I. Romero

 

There’s a smartphone epidemic. So many people have them, and they are so engrossing, that smartphone users literally bump into each other when crossing the street or passing each other on a set of stairs. They’re communicating, they’re gaming, they’re researching and locating, they’re checking the weather, they’re shopping, they’re daydreaming, they’re doing everything with their enthralling phones… except paying. Or making eye contact.

What is the holdup in adopting mobile wallets? To be fair, a respectable 35 million consumers—22-plus percent of all smartphone owners—have gone so far as to provision a credit or debit card into a general purpose mobile wallet for use—maybe not for regular use, but at least they’ve tried it.

There’s been a ream of articles written about what it would take to get mobile wallets into wide adoption—and each article eloquently offers one piece of the puzzle. We’d like to posit that what it’s going to take to get the mobile wallet to replace the tattered leather one in your back pocket is… when everything that’s in your wallet is in your phone, and more. And everyone accepts that as reality.

Let’s make a checklist of what’s in your physical wallet now, and whether they are, or could easily be, in your phone. Credit cards? Check. Debit card? Check. Little scraps of paper with people’s names and phone numbers on them? Check. Frequent flyer, grocery, and other loyalty cards? Not yet. Gift cards that you never remember until after you’ve left the store? And how about your driver’s license? With this checklist, a picture of the real wallet, beyond just making payments, is beginning to form.

The mobile wallet needs to have a 360-degree view on the range of identifiers you keep in your physical wallet. You shouldn’t have to fumble for your credit cards, loyalty cards, or prepaid gift cards. You shouldn’t have to carry around your physical driver’s license or social security card. In a sense, it’s actually safer to have them stored electronically in a device you carry all the time anyway. A device that has already become a highly personal, unique object to you. Each smartphone owner has his or her own settings, apps, ringtones, wallpaper and background images. The phone is a personal statement about—an extension of—who they are.

So what is keeping people from using their smartphones as an all-the-time, functional mobile wallet? As we stated earlier, multiple factors are involved. Very often, their issuing bank has not integrated with one of the wallet providers, so they can’t provision a card into it. Another widespread reality is that the wallet is not accepted in many places. Without global acceptance across all merchants and services, it can never become as habitual as paying with physical money (either with credit cards or cash). Then there’s the limitation of only being able to have credit and debit cards in your phone, instead of having gift, loyalty, or other prepaid cards available, in digital format, for use anytime. Until you can get your license and Social Security card in there, it won’t be a true wallet.

Remember when you bought a word processor, a sort of proto-computer that was programmable but not connected to the internet? You may be too young to remember that, but in the not-too-distant past you had to have a different device to do your word processing, your spreadsheets, your faxing. (What is faxing? some young people will ask.) You kept your contacts in an ancient device called a Rolodex. Then along came Microsoft, and suddenly, it all came together in one place—a digital calendar, spreadsheets, word processing, email management (the modern equivalent of faxes)—the works. Now we have Windows10, the re-fulfillment of that intention, with its objective of making everything mobile, transportable, and interconnected—an integrated experience. It brings together news, music, photos, geographic status, email, texts… all in one cloud-based place.

Well, in just the same way, it all needs to come together in the mobile phone in order for mobile payments to be widely adopted by consumers and merchants. That level of nearly unconscious acceptance that we see with computers—is there anyone who doesn’t, at minimum, know the workings of a computer, or more likely owns several of them in some form?—needs to happen. Will economic history mark it as a bigger leap from cash to credit cards, or from cards to the mobile wallet?

Once the universality of structure is achieved, trust and acceptance will inevitably follow. And actually, it’s bound to happen: we will see a similar integrated capability where multiple payment and identifying forms—all the information that defines our commercial lives—reside in one place. The phone.

Source: http://www.mobilepaymentstoday.com/articles/what-do-consumers-know-about-their-phones-not-enough-to-leave-their-wallets-at-home/

08
Nov 2016
0

How to get mobile-ready this holiday season

Developers , , I. Romero

Everywhere you look, at any time, everyone seems to be using their smartphone. Whether they are texting, using social media or shopping, these on-the-go consumers are living a digital lifestyle and taking their mobile devices with them.

With 64 percent of U.S. consumers now owning smartphones, more brands are turning to mobile, not only to reach and engage with consumers, but also to drive offline traffic and sales.

In fact, according to Forrester Research, mobile and marketing are the top two digital priorities for 59 percent of North American retailers. 

As the holidays approach, mobile has the ability to make or break retailers’ peak shopping season.
Preparing now will help brands be mobile-ready for this year’s holiday rush by increasing brand awareness, driving online and offline traffic and increasing sales.

Retailers can do that two main ways: with mobile monetization campaigns that users will not want to ignore, and with contextually-triggered digital messaging that drives action in the real world.

Think user-first to create breakthrough mobile campaigns and experiences
With a smartphone in nearly every pocket, mobile will be the key to driving brand awareness and loyalty this holiday season through branded experiences never before possible.

For true mobile monetization success, brands must think beyond basics such as banner ads, which are disruptive and often drive consumers to tune out or, worse, block the content all together.

Instead, they should take advantage of the immersive experiences that mobile enables, letting users interact in new and engaging ways, via swiping, tilting or shaking their phones.

In an industry experiencing a 90 percent global growth in mobile ad blocking last year alone, it is imperative for brands to explore immersive and integrated ad experiences that go beyond sticking a standard banner on the screen.

With mobile now representing nearly two out of three digital media minutes, marketers must understand how to engage their users, leveraging creative approaches to break through the thousands of ads that consumers will encounter during the holidays.

Digital drives traffic and conversions both online and off
As brands prep for the holidays, success driving store traffic and influencing digital conversions will depend on understanding who and where your customers are.

Through mobile applications, marketers can tap into the billions of data points that users leave behind, using these extensive digital trails to gain deep insights into consumer profiles and behavior.

Thanks to mobile, brands have incredible opportunities to reach consumers throughout the day, with the ability to engage targeted audiences anytime, anywhere.

A recent study from Deloitte shows that U.S. consumers check their phones an average of 46 times per day, giving brands a staggering amount of time to reach and interact with consumers. What is more, consumers now spend 90 percent of their mobile-media time in apps.

Where brands traditionally relied solely on traffic data and cookies to gauge success of mobile Web sites, apps provide an unprecedented level of user insight.

From time spent per page to in-app advertising impressions and conversions and even lat/long location data, apps give brands a more detailed view of engagement and success.

Coupling app analytics with data from technology such as GPS, Bluetooth and Wi-Fi allows brands to drive mobile consumers to online stores and bricks-and-mortar locations more effectively.

During the holiday shopping season, tools such as mobile marketing automation and proximity marketing give marketers a way to drive consumers in-store and engage them 1:1 with a click of a button.

For example, through geo-fencing, brands can create virtual boundaries around neighborhoods and retail stores, sending triggered messages alerting nearby consumers of in-store sales, inventory updates or app-specific discounts, then driving in-store foot traffic and conversions.

Marketers can also take advantage of boundaries around competitor stores.

Tired of seeing consumers pass your store for another? Geo-conquesting allows you to geo-fence competitor locations and trigger campaigns when your users cross them.

Mobile gives us the ability to monitor X, Y and even Z coordinates – latitude, longitude and floor level – to engage users when it will be most powerful and relevant.

Physical and virtual beacons will also be critical for connecting with 1:1 with consumers during the busy holiday season.

Beacon technology is forecasted to influence more than $40 billion of United States retail sales in 2016, and 61 percent of consumers plan on increasing their smartphone usage in-store.

The ability to send relevant, timely and personalized messages will be crucial. Because beacons are small and inexpensive, they can be placed in a variety of places such as store entrances, shopping carts and dressing rooms, and can be used to trigger friendly welcome messages and special offers for frequent shoppers.

CONSUMERS WILL ONCE again turn to mobile for a faster, more convenient holiday shopping experience.

In 2015, holiday shoppers spent a whopping $12.7 billion on mobile, and that number is expected to increase once again.

Even better news for brands is that data shows that one-third of consumers who use mobile devices to shop have a 20 percent higher conversion rate than those who do not.

Whether in-store or not, enabling fast and easy mobile purchases will be critical for capturing busy, on-the-go holiday shoppers.

For a successful 2016 holiday retail season, think mobile-first.

Taking advantage of mobile’s many opportunities and tapping into the extensive user insights it provides will help retailers better engage consumers during the busiest shopping season of the year, driving awareness, traffic and sales.

Source: http://www.mobilecommercedaily.com/how-to-get-mobile-ready-this-holiday-season

27
Oct 2016
0

Five Ways to Prevent Data Hacks at the Point-of-Sale

Developers , , I. Romero

The chip card (EMV) era has arrived with the promise that data in retail environments will be better protected. Cardholders will have much greater security at the point of sale with their own card data. But, while it will be much more difficult for thieves to steal card data at the point of swipe, the hackers are still hacking and data is still being lost – almost daily.

Fast-food chain Wendy’s is facing a class-action lawsuit over a recent breach of its existing point-of-sale (POS) system. The Wendy’s breach comes on the heels of numerous other POS attacks at major retailers in recent years, including breaches at Michaels, eBay, Neiman Marcus, Target, and the largest of them all, Home Depot (56 million cards). Retailers have been shaken by these events; a recent study found that 100% of retailers cite cybersecurity as one of their top business concerns, up from only 55% in 2011, according to BDO, a business advisor to consumer business companies for over 100 years.

Retail customer data breaches can result in a company losing millions of dollars to class action lawsuits, possibly facing penalties for Payment Card Industry Data Security Standard (PCI DSS) violations, and irreparably harming its reputation. However, PCI compliance is not a guarantee that a retailer’s infrastructure is immune to breaches. It merely means minimum standards have been achieved.

Following are five steps merchants in any industry can take to prevent their POS systems from being compromised:

1. Have Store Personnel Monitor Self-Checkout Terminals/Kiosks

There are two methods by which POS data is stolen: by compromising the POS system itself using stolen credentials or by physically installing “card skimmers,” usually on self-checkout terminals that are not monitored. These devices, which take only seconds to install, steal payment card data and PIN information directly off the card’s magnetic stripe.

While the introduction of new chip cards will eliminate the threat of card skimmers, 42% of retailers are yet to update their payment terminals to accept chip cards – and even some retailers who have EMV-enabled terminals cannot accept chip cards because the POS software cannot yet handle them. It is imperative that such terminals not be left completely unattended. Every store should have on-site personnel who are trained to spot card skimmers and assigned to monitor self-checkout terminals for their presence.

2. Ensure that Both POS and OS Software Is Up-to-Date
Because cybersecurity is a constant “Spy vs. Spy” battle where experts find ways to patch vulnerabilities while hackers find new ways to access systems, POS software systems release frequent updates to address the most recent security threats. For maximum protection, these updates must be downloaded and installed as soon as they are released, not on a monthly or quarterly schedule. The same concept applies to operating system software; retailers and restaurants that are running Microsoft Windows should ensure that patches are installed as soon as they are available.

3. Always Change Default Manufacturers’ Passwords
Retailers and restaurants should always change the default password provided by the manufacturer as soon as a new piece of hardware is hooked up to their POS system. Default passwords are publicly available, and thus widely known to hackers; in fact, the first thing an attacker will attempt to do is access the device using the default password.

Changing default passwords is required as part of an organization’s compliance with PCI DSS standards. Likewise, software system passwords should also be changed upon installation, and then on a regular basis afterwards.

4. Isolate the POS System from Other Networks

Many retailers, restaurants, and hotels offer free Wi-Fi to their customers. The POS system should never be hooked up to this network, as a hacker can use it to access the system. Likewise, if an organization’s POS system is not separated from its corporate network, a hacker who compromises the organization’s main network will be able to access its POS system. There are two ways to achieve this: by actually segmenting the two networks or by using multifactor authentication for communication between the organization’s main network and its POS system.

The correct solution for a particular organization depends on its size and resources, so it’s best for organizations to consult a managed security services provider (MSSP) to determine which solution would best fit their needs.

5. Always Purchase POS Systems from Reputable Dealers

Retailers and restaurants have extremely thin profit margins, and the individually franchised restaurants that are popular in the fast-food industry tend to operate on particularly tight budgets. As the industry automates for the first time, it may be tempting for these small operators to seek out the best “deal” on self-checkout systems – but a POS system purchased from a manufacturer who turns out to be fraudulent is no “deal” at all, and it could result in financial ruin for that location. POS systems should be purchased only from known, reputable dealers, and if a “deal” on a system seems too good to be true, it probably is.

POS system security requires expertise in both information security and PCI DSS compliance, the latter of which is mandatory for any organization that processes, stores, or transmits cardholder data. Retailers and restaurants that do not have sufficient in-house IT staff to handle data security and PCI DSS compliance should partner with an MSSP to ensure that their POS systems are both safe and compliant. MSSPs are flexible and can tailor their solutions to fit each company’s needs, from remote monitoring to on-site security staff, either in conjunction with existing staff or on their own.

Automation has lowered labor costs and improved efficiency and the customer experience in the retail industry – and will do so in the restaurant industry – but the security of POS technology should not be disregarded. As POS data breaches continue to multiply, and especially as large fast-food chains plan to install brand-new ordering kiosks at a rapid pace, retailers and restaurants need to take proactive steps to protect their customers’ card data – and themselves from lawsuits, government penalties, and reputation damage.

Source: http://www.chainstoreage.com/article/five-ways-prevent-data-hacks-point-sale

25
Oct 2016
0

Smartphonista: A new generation of digital buyers

Developers , , , , I. Romero

Fashionistas are known to always be ahead of the curve, rocking New York Fashion Week styles before they even get off the runway. And now, these buyers are starting new trends in online and digital shopping as well, positioning mobile to become the next must-have accessory.

New data shows that more United States fashion shoppers are now buying on mobile devices (52 percent) versus desktops.

In the high-fashion world, shoppers have adopted a see-now, buy-now mentality to stay on top of the hottest trends from top designers, wanting to instantly buy no matter where they are.

Instant gratification and on-demand fashion are clearly high priorities, so much in fact that 30 percent of mobile shoppers are more likely than desktop buyers to consider swift delivery as very important.

As New York Fashion Week introduced the newest trends of the season, luxury brands should also brace for the introduction of the newest generation of digital buyers.

New generation
A new generation of fashionistas is emerging: Smartphonistas. These shoppers who make purchases on smartphones account for 63 percent of fashion shoppers under 35, and will only continue to grow to represent the bulk of all fashion shoppers in the near future.

Smartphonistas are true high-fashion advocates, vying for the best of the best and are dedicated to their mobile phones to guide them through the entire shopping process.

Marketing to this growing group of prime purchasers is key to any brand’s success, but first we must understand the key traits and behavior of the generation.

Live for fashion: Smartphonistas do not just buy clothes, they are truly invested in high fashion, with 59 percent saying they love buying clothes, compared to only 46 percent of desktop buyers.

Additionally, dollar signs do not seem to faze these mobile users, as 42 percent claim they are not cost-conscious.

Use smartphones for smart buys: Smartphonistas approach online shopping in a strategic fashion, never taking risks on size or style.

Thirty-two percent of mobile shoppers are more likely than desktop buyers to order several sizes for a single piece and then return those that do not fit.

Mobile the whole way: Smartphonistas use their phones throughout the entire customer journey, from search to purchase: 68 percent use their smartphones to research new clothes before buying, more than half (51 percent) prefer buying on their phones versus other devices, and Smartphonistas are almost twice as likely to share images of their buys on social networks.

Courting Smartphonistas
With Smartphonistas making up a large and growing market of the fashion landscape, they are a critical audience for any successful luxury brand to attract.

When marketing to this generation, it is critical for high fashion retailers to develop campaigns specifically for mobile, allowing them to instantly buy no matter where they are – even if it is alongside the runway. Retailers should:

Offer quick delivery: Staying up to speed with the latest fashion trends is no easy feat.

Smartphonistas will appreciate any offering that will make their mobile order faster. Deliver fast, and they will return for more. Plus, slick packaging does not hurt either.

Help them find the right size: We know these buyers will do whatever it takes to get the perfect fit, so make their experience as easy as possible.

Make sizing straightforward, and offer free returns as a backup to keep them satisfied and styling.

Simplify social sharing: Smartphonistas are tied to their phones for more than just finding fashion.

Like the majority of their generation-peers, they spend their down time on social applications such as Facebook, Instagram and Twitter.

Use these trends to your advantage and make it easy for Smartphonistas to show off their purchases and share with their network.

IN THE FAST-PACED fashion industry, it is crucial for luxury brands to stay on top of the trends, and that means staying in style with Smartphonistas.

This new generation of digital buyers is setting the stage for a mobile-first world of high-fashion, quickly dominating over desktop purchases and other devices.

Marketers must market to mobile to meet the needs of this growing market, or risk going out of style.

Source: http://www.mobilecommercedaily.com/marketing-to-the-smartphonista-a-new-generation-of-digital-buyers

17
Oct 2016
0

How small businesses can improve their cybersecurity

Developers , , , I. Romero

It’s not only large companies that face cyberattacks – there are affordable steps small companies can take to protect their business data and IT systems.

You can’t assume that your small business is not a target for hackers. As many as three-quarters of smaller businesses are at risk, according to the latest Government Security Breaches Survey, with the worst breaches costing up to £300,000.

Small companies face attack from multiple angles. “Like [larger] enterprises, they face targeted attackers who are interested in intellectual property and other confidential data, as well as using smaller organisations as a way into larger ones,” says David Emm, principal security researcher at Kaspersky Lab. “And like consumers, they face random, speculative attacks that make up the bulk of the threat landscape and are distributed indiscriminately by cybercriminals.”

That’s problematic for SMEs, which are less likely to have a dedicated IT department staffed with security professionals. “SMEs typically don’t allocate resources to cyber security, and they allocate very few resources to IT,” says Andy Patel, senior manager for technology outreach at F-Secure. “This leaves them open to attack in a variety of ways. A cyber security incident is likely to cost an SME proportionally more to recover from than a well-prepared company.”

Improving the security situation at your small business doesn’t need to be expensive, and it could well save you money in the long run. We asked experts across the security industry for their tips on how small businesses can stay secure without breaking the bank.

Adopt two-factor authentication

Take security into your own hands and enable two-factor authentication on any service or device used by the company for email accounts, social media feeds or more sensitive systems. Anyone using these accounts will need an extra credential to gain access from a new device, or to change profile settings, which stops hackers from breaking in even if passwords are leaked.

“Multi-factor authentication reduces the risk of a compromise, since a password alone is not enough to gain access to an online account,” says Mr Emm. “At the very least, multi-factor authentication should be mandatory for changes to account settings.” He adds that it’s essential for companies to shut down accounts, or change login credentials, when someone leaves employment.

Two-factor authentication does add steps to employees’ login procedures, so avoid frustrating them by taking it one step at a time. “Start with the critical accounts and scale up from there as it becomes a habit,” advises F-Secure security advisor Sean Sullivan.

Get smart with email

Email is a weak point for smaller enterprises, with criminals targeting companies with malware via phishing attacks. This is where an email is crafted to look like it’s coming from a trusted source, such as a supplier or bank, but is loaded with dodgy attachments or links to malicious pages, says Trustwave’s threat intelligence manager, Karl Sigler. “Our research has found that the vast majority of companies have been targeted with a phishing attack at least once over the past year, and the number is set to increase over the next 18 to 24 months.”

Phishing messages can be sent to any email address at random, but clever hackers can also use information gleaned online – from social networks, data breaches, or even your company website – to make attacks more effective (a trick called spear phishing).

To avoid becoming a victim, Mr Patel says staff should be trained to pay attention when reading an unexpected email. “Check the sender address carefully. Don’t open attachments you weren’t expecting. If you’re unsure, ask the sender. Be suspicious of certain file types – most people don’t use zip files nowadays. If you are asked to ‘enable content’ on an office document, don’t.”

Mr Sullivan takes a different approach. “Almost everybody can spot phishing during training,” he says. “Phishing works when people are distracted – and people are distracted by tools they don’t use well. Pay for productivity training and you will end up with better email hygiene.”

Avoid ransomware threats – and don’t pay up

Ransomware is where hackers gain control of your data, encrypt it and demand a payment to hand over the key. Research by Kaspersky Lab found that 49pc of SMEs believed such “crypto-malware” was one of the most serious threats they faced , with two-thirds of SMEs reporting complete or partial data loss from such attacks.

To mitigate the threat, follow the the email security tips above, as malicious messages are a common delivery method for crypto-malware, says Mr Emm. And, ensure your company has up-to-date, secure backups, so you aren’t forced to pay criminals to get your data back.

Beyond these steps, control access to files to those who need them, to help limit the spread of malware, and ensure staff don’t have administrator rights, as that makes it easier for malware to spread more widely across your network.

If you don’t have a backup, should you pay the demand? Mr Sigler says: “We would advise against paying the ransom as there’s no reason for the attacker to keep their promise and restore the system. Communicating with cyber criminals also provides them with more information, such as IP or email addresses, which can be used in future attacks – very likely if a company is willing to pay up.”

Undertake regular assessments

It’s an industry cliché, but the weakest link in any network is the people – and this applies to company leaders, as well as the IT department. “Security assessments should not be treated as a one-time event. It’s vital to perform regular testing to keep track of the fast-moving security landscape, especially if the business expands or implements new technology,” notes Mr Sigler, adding that Trustwave research revealed that one in five companies hadn’t done any testing in the past six months, “leaving them blind to new vulnerabilities and threats”.

So, what new threats are looming on the horizon? Kaspersky’s Mr Emm warns SMEs to keep an eye on the Internet of Things (IoT), which includes everything from smart CCTV cameras to connected children’s toys. “The IoT is bringing not only risks to privacy, but also the danger that connected devices will be used as a weak link to gain access to other systems,” he warns. Perhaps think twice before buying that web-connected coffee machine for the office kitchen.

Source: http://www.telegraph.co.uk/connect/small-business/business-solutions/how-to-improve-your-cybersecurity/

13
Oct 2016
0

The Advantages of Mobile Payment Systems

Developers , , , I. Romero

Mobile Payment Systems are systems that benefit both consumers and businesses by letting consumers pay by mobile devices.

Mobile Payment Systems’ Advantages For Consumers:

  • Convenience: It makes the payment process easier and less complicated. Now customers can make payment anywhere at anytime with their mobile devices connected with Internet. They allow customers to seamlessly purchase products or services with having to physically hand over cash or swipe a card. Consumers are eager for quick, in-and-out shopping experiences.
  • Security: By using mobile payments, consumers no longer have to assume the security risks associated with cash or worry whether they have enough cash in their bulky physical wallets so that mobile payments reduce theft risks of having cash on hand. Moreover, mobile payment is a secure way to pay. Credit card information are not stored on smartphones directly but in the cloud. So no thief could extract your credit card details just by stealing your phone.

Mobile Payment Systems’ Advantages for retailers:

  • Cost: One valid advantage are the lower costs of using a mobile card reader or barcode scanner than having a credit card terminal from a bank, which charges merchants with a monthly fee plus transaction fees. Mobile app owners need to pay setup costs for a terminal.
  • Engagement: Offering mobile payment options to customers, both online and offline simply makes the purchase process easier for them. This can increase conversion rates and the number of returning customers. Moreover, businesses are able to speed up the checkout process and capture the business of impulse buyers who may have been less able to buy something if a traditional transaction were required.

Nowadays, more and more online shops are offering their customers to pay their order online with their mobile device using Google Wallet. It’s a win-win situation: customers can easily skip filling out annoying forms and purchase an item with only one click.

This will most likely increase conversion rates and revenue. Catching this trend of mobile era is nothing but one of the most ideal and potential choice for retailers.

Source: https://www.simicart.com/mobile-commerce/mobile-payment-systems.html/

03
Oct 2016
1

Study: Major rise in card payments by 2021

Developers , I. Romero

Last year, the number of card transactions grew nearly twice as fast as the number of new cards, at 15 and 9 percent, respectively, according to the new study, “Global Payment Cards Data and Forecasts to 2021,” by RBR.

The numbers — which include a total of 270 card transactions during 2015 —indicate that consumers are increasingly turning to cards to make purchases.

For example, a central bank drive to reduce cash use in Thailand was supported by marketing by banks promoting debit cards — rather than cash withdrawn from ATMs. Merchants also received incentives to increase card acceptance.

In the Czech Republic and Poland, the rapid spread of contactless cards and acceptance infrastructure has brought about a surge in card payments, the RBR study found. Contactless has stimulated additional card payments in more developed markets, such as the U.K. and France, the company said.

According to the RBR study, the number of card payments worldwide will rise by a projected 55 percent between 2015 and 2021, to 417 billion. This compares to growth of 28 percent in card numbers over the same period.

Growth in card payment volume will be strongest in the Middle East and Africa, central and eastern Europe and Asia-Pacific, RBR said.

“We are seeing strong growth in card usage in all regions,” said Chris Herbert of RBR. “Cardholders in developing markets are gradually becoming more accustomed to using cards rather than cash for payment, and this — combined with a rapidly expanding acceptance network — is creating the perfect environment for a card payments boom. In more mature markets, technology developments such as contactless, and a willingness to use cards for ever smaller payment amounts are boosting the cards sector.”

Source: http://www.mobilepaymentstoday.com/news/study-major-rise-in-card-payments-by-2021/

26
Sep 2016
0

Different Types of Mobile Payments

Developers , I. Romero

SMS Payments

SMS Payments are currently one of the most popular methods of using mobile phones to pay for goods or services, or even for person-to-person payments and many experts believe that due to the simple nature of SMS payments, the fact that all the user needs is a phone with SMS capability, SMS payments will continue to be a growth area in mobile payments.

But in addition to these text payments there are two other methods of using mobile phones to pay for items and services.  These are NFC payments and WAP payments.

NFC Payments

Near Field Communication (NFC) payments are a growth area in the field of mobile payments.  NFC phones communicate with each other and with NFC enabled points of sale, using radio frequency identification.  The mobile phones don’t have to touch the point of sale or each other to transfer information, i.e. money, but they have to be fairly close within four inches/ten centimetres of each other.

In China NFC is accepted as a means of payment on all public transport and in Japan NFC is also being used to provide identity card information.  In Nice visitors and residents can use NFC to purchase almost anything.

NFC involves a direct, almost instantaneous transfer of data between phones or phones and Point of Sale devices and many mobile phone operators are looking at ways to further develop this technology.

WAP Payments

WAP Payments simply means using the Wireless Application Protocol (WAP) facility on your Smart phone to connect to the internet and then using an online payment method such as PayPal, Google Wallet or Yahoo Wallet or simply entering your credit card details into the payment box on a company’s website.

Some mobile network operators allow users to pay for WAP Payments directly from their mobile phone bill as with standard SMS payments.  Companies wishing to accept WAP payments need to talk to a SMS payment solutions company to ensure they get a WAP payment gateway installed on their site.

Source: http://www.mobiletransaction.org/different-types-of-mobile-payments/

19
Sep 2016
0

Gen Z: The most demanding consumers in history

Developers , , , , I. Romero

The first generation to grow up online — Gen Z— is also poised to rank as the most demanding consumer group in history.

That’s according to a new report from Fung Global Retail & Technology, which warns that retailers, restaurants and leisure companies will have to adapt to the wants and needs of Gen Zers (refers to those born in 2001 and later.

Having grown up with social media and assuming instant access to almost all things digital, from music to video to information, Gen Z want it all — and they want it now as they acquire apparel, cosmetics and experiences.

“The new technology products and services have broadened consumers’ range of choice and quickened the pace of life,” said Deborah Weinswig, managing director of Fung Global Retail & Technology. “It is hard not to see these creating a more demanding, image-conscious consumer.”

Gen Z comprises 19% of the U.S. population, and will rise to 25% in 2020. In the EU, the generation accounts for 16% of the population, and is forecast to peak at 21% in five years.

The only generation to grow up with the on-demand economy, Gen Zers likely will continue to be highly demanding consumers, whether they are requesting instant access to video, ride-hailing apps or delivery services.

“Exposure to near-infinite choice and access to near-endless information makes this generation more demanding than any of its predecessors,” Weinswig said. “As Gen Z matures, it will become more discerning, but its demanding nature is unlikely to be diluted. We think brands and retailers will be the ones that need to change, because Gen Z looks unlikely to compromise on its high expectations.”

Source:http://www.chainstoreage.com/article/report-get-ready-most-demanding-consumers-history

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