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The future of electronic payments has already arrived, and it is in mobile phones. Artem Petsyukha, director of business development and innovative payment technologies at the Russian office of MasterCard, spoke about this at the eCom21 conference in Riga.
According to Artem, today there are 3 billion Internet users in the world. Just 10 years ago there were 1 million of them. By 2021, about 2.6 billion people will use smartphones. “That is, the rate of penetration of smartphones is already outstripping the rate of penetration of the Internet at one time,” said Petsyukha.
For example, this year in the United States, MasterCard is testing a mobile application in a network of paid laundry facilities that allows you to register the nearest available washing machine and pay for the service with a card linked to the application.
The physical presence of the card at the time of payment becomes optional, conditional, notes the director of MasterCard. A plastic card can be stored in a mobile phone, often in three ways: using a SIM card, a built-in security element (Secure Element), or the cloud. “The token lives in the device, not the card itself. This ensures security, because even if attackers can find out the token number, they will not be able to use it for their criminal purposes."
As noted by Artem Petsyukha, new devices require new methods of user identification. Research shows that users on average have to remember 19 different passwords. But often people create 1-2 universal passwords and use them to log into various services. MasterCard is gradually moving away from passwords and offers other authentication methods, including biometric. “We do not want to check what the person remembers, but we want to make sure that the person is the one for whom this service is intended,” the representative of the payment system notes.
In addition to the fingerprint, which is already actively used on many devices, including the iPhone 6 and 6S, there are other physiological characteristics of a person that are much more difficult to fake, for example, heart rate. According to the expert's forecasts, in the future, more likely not one factor will be used, but a combination of several. “Not what a person says, but how he does it, in combination with where he is and how he moves in space - this is important. This will make it possible to absolutely accurately identify a person, ”said Artem.
In conclusion, MasterCard's director of innovation said: “What the payment device of the future will be, I don’t know. But I can guarantee that MasterCard will do everything to make this method convenient for the user, profitable for the store and interesting for the bank or other financial institution."
According to Artem, today there are 3 billion Internet users in the world. Just 10 years ago there were 1 million of them. By 2021, about 2.6 billion people will use smartphones. “That is, the rate of penetration of smartphones is already outstripping the rate of penetration of the Internet at one time,” said Petsyukha.
Devices with Internet support (and these are smartphones, tablets, wearable electronics), in principle, change the process of making a purchase, starting with the comparison of goods and control over the delivery process, and ending with paying for the purchase. Young people under the age of 20 (Gen Z) grew up with smartphones in their hands. This creates new opportunities for online shopping. “Shopping by geolocation, paying without getting up from a table in a restaurant - all this is so natural that in a few years it will seem to us that it cannot be otherwise,” Artem is sure.
For example, this year in the United States, MasterCard is testing a mobile application in a network of paid laundry facilities that allows you to register the nearest available washing machine and pay for the service with a card linked to the application.
The physical presence of the card at the time of payment becomes optional, conditional, notes the director of MasterCard. A plastic card can be stored in a mobile phone, often in three ways: using a SIM card, a built-in security element (Secure Element), or the cloud. “The token lives in the device, not the card itself. This ensures security, because even if attackers can find out the token number, they will not be able to use it for their criminal purposes."
As noted by Artem Petsyukha, new devices require new methods of user identification. Research shows that users on average have to remember 19 different passwords. But often people create 1-2 universal passwords and use them to log into various services. MasterCard is gradually moving away from passwords and offers other authentication methods, including biometric. “We do not want to check what the person remembers, but we want to make sure that the person is the one for whom this service is intended,” the representative of the payment system notes.
In addition to the fingerprint, which is already actively used on many devices, including the iPhone 6 and 6S, there are other physiological characteristics of a person that are much more difficult to fake, for example, heart rate. According to the expert's forecasts, in the future, more likely not one factor will be used, but a combination of several. “Not what a person says, but how he does it, in combination with where he is and how he moves in space - this is important. This will make it possible to absolutely accurately identify a person, ”said Artem.
In conclusion, MasterCard's director of innovation said: “What the payment device of the future will be, I don’t know. But I can guarantee that MasterCard will do everything to make this method convenient for the user, profitable for the store and interesting for the bank or other financial institution."
