Question

Supporting mobility and smartphone apps is important to MasterCard. What challenges does MasterCard face in rolling out smartphone payment systems? Which of these do you think will be most difficult to address? Why?
(BEWARE OF PLAGARISM, DO NOT JUST COPY PASTE FROM THE INTERNET)

Answer 1

Answer:

Throughout the clarification portion below, the definition of the concern is mentioned.

Explanation:

• Security

The best characteristic that arrives in and out of mind when people think concerning mobile payments would be security. The greater problem for customers and suppliers is this. As mobile purchases are made, suppliers store card information for potential purchases. Anyway, several vendors note that the data would not be kept on either the service side, however people are rather fearful of sending details.

• Technology

Some people seem to agree that there's been a significant change in technology in recent years. Especially if we get to see that the frequency of internet access also isn't up to standards in most countries. And in some countries, the network is unavailable and will not link.

• Different mobile platforms

The very next thing that needs to be confronted seems to be the multiple platforms crisis. Mobile now has multiple systems and apps that a company produces towards one platform simply doesn't work on yet another platform. Platforms including Android exist.

• Fewer users

That very many consumers are accustomed to the current payment service, such as currency, credit card, debit card, pockets including a few others. Because they do not believe them, they weren't in a condition to introduce a different payment system. This has become one of the smartphone transaction system's obstacles.

• Required incentives

Incentives are offered whenever the purchase is done by cards or wallets, but they are not accessible when another payment has been made via the billing system for smartphones. To draw more customers, they can do good promotions.

• Tedious circulate of payments and incoherent consumer experience

The payment water flowing through several iterations through both the smartphone financial services for compensation. Although if we take into account the payment movement of cards, it is very straightforward. Some manufacturers have now launched embedded chips that are safer than magnet circuits. The transaction seems to be much better on these chips, and performance is instantaneous and smooth.