Mobile payments may finally be going mainstream. With the recent announcements of Samsung Pay and Apply Pay, it seems that mobile payments may be about to hit their stride. While these new technologies hold a lot of promise for the industry, there’s one aspect that shouldn’t be overlooked: security.  

As more consumers are taking to their phones for mobile payments, more companies are seeing the business benefits that mobile commerce can offer above and beyond just being a payments platform. Companies that already use mobile payment applications are just beginning to realize the untapped potential of associated marketing and loyalty programs through those applications, and companies that haven’t yet utilized mobile payments are starting to evaluate the added benefits of these platforms.

2014 was a rough year for retailers when it came to credit card data security. Home Depot, UPS, Michaels and even PF Chang’s fell victim to hackers who used malware to expose vulnerabilities in their payment systems, causing data breaches that affected millions. Customers’ private information was made available, including their e-mail accounts, credit card numbers and home addresses, leaving consumers frightened that they would soon be victims of identity theft.

Today’s payment landscape is changing at a breakneck speed. We are seeing exciting new ways merchants can reap the benefits of mobile tech to lower costs and remove the pain associated with combining mobile apps with their payment solutions.

This year was an exciting one for the payments landscape. We saw growing demand for EMV as the industry prepared for new regulations, further market acceptance of new currencies and increasingly widespread interest in mobile payments and NFC solutions. And the negative things – including multiple security breaches – acted as motivators for change.

We believe everything that took place in 2014 helped set the stage for future innovation. So what’s to come for payments in 2015? Below are our predictions for the new year.


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