Nice article in MobilePaymentsToday about mobile payments and what to expect in the upcoming months –

I am a little concerned with this bit here –

Mobile payments and mobile wallets bring additional security concerns to retailers. 

While early adoption rates of mobile wallets seemed promising, the bombardment of different wallet offerings will slow down adoption rates as consumers struggle to select which wallet to buy into. And while we’ve already seen some merchants implementing mobile wallet pay systems, security must remain a priority for retailers. 

According to a recent survey, 72 percent of retailers surveyed believe mobile payments put mobile data at risk. This only goes to show that security is a top concern for retailers and will affect business decisions to deploy mobile payment and mobile wallet offerings. 

It seems to me that retailers do not understand that the mobile wallet technology in use right now (Apple Pay, Android Pay, Samsung Pay, Paypal, etc) all substitute tokenized numbers for the card number in a transaction – so the retailer isn’t getting the actual card number.

This is more secure for cardholders and retailers – and it greatly reduces the opportunity for fraud since there are now so many more data points that have to be created and collated before someone is able to complete a transaction successfully.  This is NOT like the late 90s practice of guessing the sequential numbers on an AMEX card roster  ;)