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July - 2013 - issue > View Point

Securing Confidence in Mobile Transactions

Lokesh Singh
Director–Mobile Financial Services, Asia Pacific, -Gemalto
Monday, July 1, 2013
Lokesh Singh
Gemalto (Euronext NL0000400653 GTO) is a digital security company providing software applications, secure personal devices and tokens in addition to managed services. Incorporated in 2006, the company is headquartered in Amsterdam, Netherlands and has a current market cap of $5.58 billion.

Mobile financial transactions are on the rise in India, as they continue to gain ground globally as well. During March 2012 to Dec 2012, 37 million mobile transactions took place in India, jumping by around 1.7 times in volume and increasing three-fold in value. Two of the key factors responsible for this surge are the growth in smartphone adoption and initiatives taken to encourage mobile transactions such as media promotions and customer education programs. However, according to a 2011 Deloitte-ASSOCHAM study, 67 percent of all banking transactions in India are cash based, which shows there is still lot more potential for mobile transaction's growth.

Still there are some challenges in the way of a faster adoption of these services, such as the lack of standard platforms for implementation and concerns around the security of transacting on the mobile. Similar to a personal computer, Mobile phones are also prone to security threats.

To address these concerns, people need to be made aware that mobile payments can be more secure than many of other payment systems in use.

Mobile Banking

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