Tag: nfc technology

It may soon be possible for customers of Lloyds Bank to use their contactless card to authorize smartphone transactions.

Customers of Lloyds Bank who have both a contactless debit card and who have an NFC technology enabled device may soon be able to combine the two in order to enhance the mobile security of the banking app so that they can authenticate their identity.

The authentication tech has been nicknamed “tap to bank” and the pilot program involves 125 people.

The participants in the mobile security experiment will replace the current authentication method that uses call to mobile, with a quick tap of the contactless debit card against the smartphone. According to Lloyds Bank, this type of authentication feature could one day be broadened to complete other types of task, as well, such as for the verification of new payments.

It is clear that this new mobile security technology is only at the very beginning of its use by the bank.

According to Marc Lien, the Lloyds Bank director of innovation and digital development, “With the widespread take up of contactless cards and most new smartphones now having NFC technology, this tap to bank trial is developing enhancements to banking processes that many people could benefit from.”

The bank is also currently working to replace the automated authorization phone calls that are currently used for the confirmation of certain transactions completed over desktop, as well. In that case, the user can verify requests by logging into the mobile banking app.

That process will be available to individuals who are setting up repeat orders, who are establishing new beneficiaries, who will be making an international payment, or who will be resetting their passwords by way of Internet Banking over a laptop or desktop computer.

Lloyds has explained that these new methods of authentication by way of mobile security technology makes the process considerably faster and more convenient than the automated phone call. Its current estimates are that the entire process could now be done in under 20 seconds, when compared to the lengthier method using the automated calls. Mobile banking is becoming increasingly important among the bank’s customers and is more than likely a driving factor behind this experiment.

Companies team up to establish stronger position in the mobile commerce space

Ericsson, a leading communications technology firm, has announced that it has formed a partnership with Verifone Mobile Money. The two companies will work to make it possible for Ericsson’s to participate in the mobile payments sector. Together, Ericsson and Verifone intend to offer NFC-enabled point-of-sale services, as well as those that operate without relying on NFC technology. Such solutions may make it easier for consumers to use their mobile devices to shop for and purchase products both online and in physical stores.

Ericsson aims to make use of Verifone Mobile Money software for its Wallet platform

Ericsson will be integrating Verifone’s mobile payments technology into its Wallet platform. The Ericsson Wallet can be used to make mobile transactions and is supported by numerous retailers throughout Europe and elsewhere. NFC technology will be at the forefront of the partnership, as this technology is considered to be the backbone of the mobile commerce world. This technology allows digital information to be transmitted over short distances.

Consumers show strong favor for mobile commerce

Consumers have come to embrace mobile payments quite readily. This is because of the convenient nature of mobile transactions and shopping in general. Platforms, such as Ericsson Wallet, can be used to pay for goods and services using nothing more than a mobile device. Such platforms are particularly popular among consumers that do not have bank accounts, as it gives them a way to effectively manage their finances.

Partnerships allow companies to compete more aggressively in the mobile commerce space

Partnerships are becoming more common in the mobile commerce field. These partnerships are leading to more progress in the mobile space, producing innovative platforms that are proving to be quite attractive to consumers. These partnerships are also making it easier for merchants to enter into the mobile commerce space and engage consumers more effectively than they have been able to in the past. Partnerships also allow companies to compete more effectively with others that are interested in the mobile commerce market.