Recently major smartphone makers and credit card issuers have teamed up to provide users with mobile payment services. This allows consumers to buy items in stores simply by swiping their phones to purchase the products. While it is convenient and offers a great opportunity for stores, it leaves a lot of room for your privacy to be exploited. The technology is new and has sparked interested from federal agencies as well as privacy activists. The trend has not quite caught on yet with consumers being leery of online transaction to begin with, and the thought of their credit card information flying through the air has them backing up even more.
The success of these types of payments is going to center on consumers trusting the entire process and knowing that their privacy is being guarded. With that being said in order to know you are being protected, the government and other agencies designed to protect consumers are going to need access to your information – leaving the door wide open for unsolicited spam and tracking of your habits.
Let the Consumer Decide
It has been proposed by Harley Geiger, Policy Counsel at the Center of Democracy and Technology that it should be left up to the consumer exactly what information can be collected. Consumers want to feel protected while knowing that everything they purchase is not being tracked in a random database and possibly even sold to the highest bidder. Businesses are flocking to the idea, but should they be worried about the same issues? Will they be able to assure their customers that their transactions are not being followed when purchases are made from their store?
Only Time Will Tell
It will be interesting to watch the progress of mobile payments over the next few months as more providers come online and compete for your business. One thing is for sure, safety and privacy will remain in the forefront of consumers’ minds.information as well?