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How are retailers building trust in online payment systems?

Nov 26, 2013 Dave King

Retailers and shoppers aren't the only individuals preparing for the busy holiday season. Cybercriminals and hackers are getting ready for one of their most profitable times of the year, putting consumers on alert. However, some retailers are taking action to help prevent identity theft from occurring on their online marketplaces.

According to PSFK Labs' Future of Retail report, a new method for completing secure transactions on the Web is trending among many brands. It's what PSFK called "instantly verified," which will use a conglomeration of social and media technologies, as well as biometric sensors, to create a safe payment environment that hastens the purchasing process, rather than slowing it down.

Oftentimes, consumers can be deterred from completing a transaction by having to provide volumes of payment information during the final step. This gives them time to rethink the purchase, in addition to the safety of shopping online or via mobile devices. With this in mind, retailers are seeking out new technologies to provide the personal, brick and mortar touch with the convenience of the Internet.

"The retailer and the consumer are looking for that sense of personal link, it's not going to be driven by the store," said Eduardo Conrado, chief marketing officer of Motorola Solutions, according to the source. "It's going to be enabled through technology providing the right data to the retailer so they know who you are."

Figuring this out is becoming imperative for retailers, especially as shopping days such as Cyber Monday continue to grow in importance during the holiday season and even threaten to outstrip Black Friday in terms of the revenue and momentum gained.