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Mobile payments have become quite popular across developed and emerging economies. However, Germany still remains a cash transaction intensive country and mobile payments are not very popular in the country. Only 6-7% mobile phone users use this payment method for in-store payments. The concern of value addition to mobile payments can be dealt with loyalty programs and reward system but the major challenge lies in providing security and increasing reliability of the system. Germany is still at a nascent stage in terms of mobile payments and this initiative is expected to positively reach out to customers for using mobile payments, influencing increased adoption in the market.
Germany based Deutsche Bank has enabled HCE based contactless payment solution to its Android application. Consumers with NFC based android phones can link their MasterCard debit and credit card to this application and a copy of the same is displayed in the application. Payments up to 25 euros can be done by unlocking the phone and holding it at POS terminal. For higher value payments, PIN system is available. For additional security, the phone stores 10 tokens, each of which can validate one payment.
To know more and gain deeper understanding of how mobile payment industry is shaping up globally, click here.
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