As 2016 gets started, one thing is certain: this is shaping up to be the year of the smart payment technology security boom. Technological advancements that have brought smart wallets and mobile payments to the mainstream now must be matched with advancements in security that will keep folks from becoming victims of identity theft and credit card fraud.
Leaders in the smart payments space include NXT-ID, Apple, Google, Wal-Mart, and PayPal. SoundView Technology Group recently released a market and company update valuing NXT-ID at $6.13 a share intrinsic valuation. This suggests a high reward to risk ratio. NXT-ID sells the Wocket smart wallet, and also recently partnered with WorldVentures, a vacation company, to create a new smart card.
Smart cards are adapting chip technology, like regular credit cards, and implementing their own unique security features as well. Companies have an eye on making payments more convenient, as well as more secure, making it easier for customers to use the smart cards with confidence.
Wireless, seamless are buzzwords of new tech scene
The WorldVentures card will feature the ability to seamlessly integrate with the WorldVentures app, allowing folks to check in wirelessly, earn reward points, and replace their existing credit cards with the one smart card. Users upload their account information to the smart card and then use the smart card at the register.
Debit cards, prepaid cards, credit cards, and store loyalty cards can all be loaded onto the smart card. Because so much information will be contained in one card, it’s vital that security is tight and no one will be able to compromise a user’s account.
Companies in the mobile and smart payments space assure customers that they are equipping their smart wallets and cards with security measures that will keep their information safe.
Apple Pay in China, more mobile wallets on the way
In another big move, Apple announced that it was partnering with China UnionPay to bring Apple Pay to China. China UnionPay cardholders can now add their banking cards to their iPhones, iPads, or Apple Watches and use Apple Pay wherever it’s accepted. “China UnionPay is dedicated to promoting payment innovations and providing secure, convenient mobile payment experiences for its hundreds of millions of cardholders,” said Chai Hongfeng, executive vice president of China UnionPay. “We’re very excited to offer Apple Pay among a diverse set of payment options.”
JPMorgan Chase and Wal-Mart will also be rolling out mobile wallet products in 2016, with an eye toward security innovations.