There are two detractors that keep online shoppers from conducting financial transactions with their mobile devices. The first is accessibility. If a user finds entering card information and passwords via virtual keyboard too inconvenient, she is less likely to proceed to a website’s checkout. The second factor is security. If a user is worried her information will be compromised because of inadequate network or phone security, she is less likely to click the buy button.
In an effort to drive mCommerce, Verizon Wireless has selected Danal – a carrier integrated mobile commerce solutions provider – to provide its Mobile Identity Platform and tackle that second adoption obstacle. The platform will provide Verizon with device identification, fraud prevention and consent-based mobile account details, inevitably leading to a secure and convenient end user experience during mobile online transactions.
According to the results of Danal’s merchant testing, the Mobile Identity Platform has lead to 200-300 percent increases in transaction completions.
Danal’s CEO Jim Greenwell explains, “Consumer transaction completions on the mobile device are low compared to more traditional methods like consumers directly typing information on ‘input constrained’ devices. By creating a safer and more convenient experience, Danal and Verizon expect to see a significant increase in mobile transactions above the standard industry completion rates of 2-3 percent.”
He continues: “In addition, our merchant-partners in both the retail and financial industries expect our service to significantly reduce fraudulent transactions on the mobile device by implementing our patent-pending technology.”
According to a report from Deloitte released earlier this year, payments aren’t the only area of mobile financial application suffering from security fears. Of the 2,193 people surveyed, sixty percent of those who choose not to bank via mobile device cited security concerns as the reason.