By Pat Carroll Posted on 9/2/2014
I’ve long written about the accelerating revolution in payments, whereby the mobile device is our wallet, our doorway to mobile commerce. Today, millions of us use our mobile phones for everyday purchases, paying our bills and trading stocks. Over the next few years that number is predicted to swell into the billions, according to a report from Juniper Research.
One of the key enabling technologies driving this adoption is “contactless” payments, or NFC (Near Field Communications), because it offers the ultimate in user convenience -- it’s fast and there are no pesky passwords to remember. Recently, we have witnessed the deployment of a NFC technology called Host Card Emulation (HCE) at select banks in the UK and elsewhere. HCE is an NFC software technology that promises simplicity and low deployment costs, in part due to its reliance on software-based security.
http://img.deusm.com/darkreading/2014/09/1306855/Australia-NFC-HCE-Payment1.jpg(Image: BellID)
But, like all payment technologies, we must ask, is the technology truly ready? Will relentless cybercrime exploit this new payment technology just as it has managed to compromise other payment technologies?
DarkReading/ full article here/ http://www.darkreading.com/-contactless--hce-payments-promise-simplicity-but-is-it-secure/a/d-id/1306855?
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