Chip and PIN machines are losing their grip in the payments industry, thanks to mobile payments gaining momentum and promising to make daily transactions much quicker and more convenient. But even the smoothest payment method will be shunned if people have little confidence in its security. So when it comes to your card details, what level of safety can you expect in the near future?
A mobile payments system seems like a really cool idea. The idea that a customer can pay for goods by simply waving their mobile phone close to the checkout to complete the transaction. The sale will be over in a flash and then you can be out of the door in a flash. Done and dusted. This is the future and it looks like one that is worth embracing.
judo Payments, the UK’s leading card payment provider for mobile commerce, today announced it has chosen the final five winners of its £1 million competition for British based start-up companies building apps for Android and Apple smartphones. Each company will receive £100,000 in free credit and debit card processing through judo’s backend mobile payments system, which will make it easy for consumers to pay for products and services on their apps.
Mike Butcher from TechCrunch has written this fantastic article on mobile payments in the UK. Read it below, or view the original here.
If there’s one thing we know, it’s that the mobile payment space is exploding. European players in this space include Monitise, Paddle, ValidSoft and left-of-field startups like Droplet. However despite operating in the UK since July last year it wasn’t known how one of the newer arrivals, Judo Payments, was backed.