While online sales channels have grown dramatically over the last few years, the retail market keeps developing more and more shopping options to bring benefits for both customers and merchants. For example, “Buy online – pickup in store” is an online-offline integration that reflects the change of customer shopping behaviors and the development of mobile payment. The new frontier, mobile payment, offers customer a convenient way to pay at retail terminal and online via smartphones and its market expected to approach $800 Billion in 2017.
Nowadays, several mobile payment technologies have been introduced to the customer and widely adopted on the market, such as Android Pay, Apple Pay, and Samsung Pay. With a mobile wallet, customer do not need to carry a couple of cards and cash, and can go shopping without making a long stopover in the checkout line. However, it also creates new security vulnerabilities and risk that mobile payment developer need to solve. The solution depends on not only software end but also hardware end, as an integration of encrypted chip design, encryption algorithms, and multi-factor authentication methods. Adding different biometric technologies can increase efficiency and security in user verification, payment process, and data transfer.
Source: