Mobile payments still not widespread among retail businesses

Mobile payments still not widespread among retail businesses

Even with the large amount of money put into developing security, such as PCI compliance and SSL certificates, for mobile payment programs, mobile payments still haven't had their revolution yet in the retail industry.

"One key reason retailers aren’t rushing to deploy mobile payment systems is that they see the cost of the solution as too high for the benefit," Kris Hiiemaa, CEO of Erply writes on VentureBeat. "Even solutions that do not require new hardware pose significant costs to the merchant through fees and overhead. In fact, the purchase of a new terminal, an NFC reader, or other piece of hardware will likely be the least of a retailer’s expenses."

Hiiemaa said the integrity and expenses needed for a third party system are also a big reason why mobile payment options still haven't become common among retail and eCommerce businesses. He said retailers have to make the choice to start the revolution for mobile payments and integrate a system into their company.

For mobile payments, the Department of Computer Science at Virginia Polytechnic Institute and State University said SSL certificates are necessary for businesses to authenticate who they are and make sure the payments get through safely. Businesses that look to move to mobile payments should invest in this data security.