Just as the transactions are beginning to gain some credibility, U.K. risk analysts say struggles are ahead.
The adoption of mobile payments has been far slower than expected, and just as some were beginning to think that they were finally taking off, risk analysts from Riskskill, a U.K. consultant, have released a report that assesses that global market in a much more sobering light.
It could be that there are a broad number of challenges and risks associated with that form of transaction.
According to Bill Trueman, the CEO of Riskskill, “It is easy to plan for many risks individually,” but he also stated that “the wide and varied nature of the risks associated with the changing and rapidly growing mobile payments sector create a whole array of risks that will challenge even the best of plans and strategies for addressing problems within the mobile payments sector. This is a simply an enormous issue to address.”
The size of the mobile payments opportunity, alone, could be one of the leading causes of problems.
The Riskskill report indicated that the scale of the mobile payments opportunity may be bringing on far greater problems than have been anticipated. It added that consumer information and communication of risk connected to new forms of financial service products could experience harm due to the rapid pace at which the market is continuing to change.
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Furthermore, Riskskill stated that the rapidly changing technologies increase the threat to the implementation and applicability of many of the standards programs that are already in place. Many governments and organizations are frequently too “silo based” said Trueman, to be able to keep up with the evolution of direction and protection that would be required to keep consumers safe against attacks in a market that is in such a state of constant change as mobile payments.
Trueman feels that the best solution for leading stakeholders within that sector would be to make a high priority of driving solid mobile payments standards by way of the correct officials and regulators so that it will result in an effective response by businesses and governments worldwide.