Jul 25, 2013 Dave King
As consumers begin to favor alternative payment methods such as ACH cards and mobile technology, businesses and financial institutions could begin to adopt them at a fast pace.
However, these organizations need to be fully aware of the risks associated with these payment systems.
According to Mobile Payments Today, risk analysts at U.K. consultant Riskskill said mobile payment technology presents numerous issues for companies.
"It is easy to plan for many risks individually, however, 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 change even the best of plans and strategies for addressing problems within the mobile payments sector," Riskskill CEO Bill Trueman told the news source. "This is a simply enormous issue to address."
One of the biggest problems facing this technology is the safety of consumer information, and businesses need to be sure it is safe before deploying it. It would be wise for companies to address these issues quickly, as mobile payment systems are ready to take off. Business Insider reported that 2011 saw $3.95 trillion in non-cash transactions.