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Go Back to www.FleaMarketZone.com SECURITY New


Security Challenges


AS NEW technologies evolve in the retail marketplace, retailers and consumers alike must adjust to new ideas and opportunities that have the potential to change the way we do business. On the horizon, many retailers are preparing for the advent of new payment options. Mobile payments are evolving rapidly, and in the coming years are expected to be a commonly utilized alternative to cash, checks and credit cards. However, just as the onset of online banking and billing faced security challenges and setbacks in its early days, so will the new payment technologies in retail. According to the 2011 Mo-


bile Payments Global Survey by KPMG, a majority of companies think that mobile payments will become mainstream in the next fi ve years. These new technolo- gies include mobile wallets, mobile banking and contactless card sys- tems. The study, which surveyed nearly 1,000 companies across the world, noted that while conve- nience will foster growth, security will impede adoption. In fact, 71 percent of respondents said that security is the main challenge com- panies face as they develop mobile payment strategies. Retailers will need to proactively prepare to meet these challenges, especially when it comes to loss prevention. In the future of retail, even com-


pletely contactless checkout and continued on page 123


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