ABA Banking Journal - May/June 2016 - (Page 38)
> MOBILE PAYMENTS
Contact-Free and Easy:
A Closer Look at
How It Works
ith a growing number of consumers opting to
tap their smart phone in lieu of swiping a card
(three times more in 2015 from the year prior),
digital wallets are emerging as an attractive,
and safer, alternative to the magnetic stripe.
Perks like loyalty points and discounts encourage customers
to join the mobile payments movement-and touting the
security that comes with it is keeping them there.
When, if ever, will digital wallets become the norm? Now a
standard features on most new smartphones-and a likely upgrade for
businesses during the transition to chip terminals-ease and availability
are doing their part to slowly, but surely, shift consumer behavior.
This current snapshot of mobile wallet options outlines today's
big players in mobile payments, and what sets them apart from
the pack. For more information, visit ABA's Center for Payments
and Cybersecurity at aba.com/paymentsandcyber.
* Near Field Communication:
technology that transfers
information from phone to
receiver via proximity
* Magnetic Secure Transmission:
technology that emits a
magnetic signal mimicking
a card's magnetic strip
* QR Code: a machine-readable
label that stores payment data
* P97 networks: a payments
technology company for the
convenience retail and
ABA BANKING JOURNAL | MAY/JUNE 2016
* MCX: Merchant Customer
Exchange, a group of retailers
that together launched
CurrentC in 2012.
* Biometrics: authorization
* Tokenization: authorization
via one-time code that
replaces sensitive data
Table of Contents for the Digital Edition of ABA Banking Journal - May/June 2016
BANKS & USDA
COVER STORY A SPECIAL REPORT: BANKING ON MILLENNIALS?
BANKER ON THE RANGE
CONTACT-FREE AND EASY
ABA COMPLIANCE CENTER INBOX
FROM THE STATES
CORPORATE SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS
ABA Banking Journal - May/June 2016
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