Question

• Speculate at least three challenges involved in implementing the mobile payments and suggest a strategy to mitigate them. Support your response

Answer 1

Three challenges are as follows:

1.    Mobile payment takes place using mobile devices and its theft can cause significant security issue and misuse of mobile payment app.

2.    Different mobiles use different operating system environment. So, it poses the challenge of cross platform integration.

3.    Network congestion can delay in the confirmation of payment and there is a scope of a miscommunication between the merchant and the buyer.

To resolve the above challenges, following initiatives should be taken:

1.    Building apps with the ability to integrate seamlessly with the different platforms used in the mobile devices. It will facilitate the transaction process.

2.    Use of technology to facilitate the mobile transaction only after the validation of the individual owners. It can be done using the fingerprint technology or retina scanning technology.

3.    Provision of dedicated bandwidth to prevent the network congestion and efficient facilitation of mobile payment.

Reference:

Top 5 Challenges in Online Payments and How to Overcome Them: Retrieved from: http://blog.directpay.online

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