Going Digital Payment Security

Stats reveal an average of 102.7 smartphone or mobile subscriptions per 100 people in 15+ age group across the globe. It is also evident that e-tail is replacing retail with the help of more advanced digital payment options across the globe.

Countries like India, China, Indonesia, Mexico, etc are showing fastest growing online retail markets increasing online access in mobile-first online communities. Facts, reveal that globally e-tail transactions in ecommerce market will grow over Offline, face-to-face transactions in retail by US$ 4 trillion, accounting to nearly 15.5% by 2021.

Just then, the 2018 World Cash Report survey statistics show 87% in Spain, 86% in Italy, 80% in Germany, 68% in France, 42% in UK and 20% in Sweden are cash transactions across the Point-of-Sale.

Spacestem

So, why two-worlds in the same IT sphere where one is in the adaptation mode whereas the other in full adoption mode ?

There are 74 notable online payment service providers (PSP) and payment gateway providing companies offering digital payment services across the globe. It’s ironical that most of these notable giants are from countries which are slow in adopting mobile wallets or digital payment solutions.

Upon digging deeper through market research or conducting surveys of most across the globe who avoid using smartphones for mobile payment or use digital wallets but are still scared due to the following security reasons -

  • 46% are extremely concerned about security
  • 37% think it’s easier to pay cash or with credit / debit card
  • 32% have never thought about it
  • 18% don’t see benefit of it
  • 8% lack feature of payment via smartphone in their handset
  • 7% think it’s too time consuming to set up
  • 6% avoid it for other reasons

Space Stem Digital Security Team conducts training and learning sessions at Space Stem Learning Centre to impart knowledge on building a reliable, robust and secured digital payment eco-system. Space Stem has set a milestone by providing most secured, uninterrupted and non-disruptive web and mobile app driven payment eco-system to 3 times aesthetics award winner and one of the largest pharma suppliers of UK since 2012.

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