• About Dr. Alea Fairchild
  • Engaging with Dr. Fairchild
  • Videos

Alea Fairchild – Strategic Views

Alea Fairchild – Strategic Views

Tag Archives: EMV

Which hurts worse – to lose your wallet or to lose your mobile device?

29 Tuesday Jul 2014

Posted by afairchild in Uncategorized

≈ Leave a comment

Tags

chip, EMV, LoopPay, trust, VISA

I was reading the investment news that VISA has a strategic investment in LoopPay.
LoopPay claims to have “invented Magnetic Secure Transmission™ (MST) technology which leverages existing point-of-sale infrastructure to receive contactless payments from mobile devices of all kinds with no hardware changes required by merchants”, information sourced from their website.

I found this an interesting investment from two perspectives:

  1. Here in Belgium, almost everything in terms of card is chip and pin, including our national ID card, bank cards, national insurance cards, etc. Loyalty cards are barcode, not magnetic strip. I rarely ever see a magnetic swipe option on a card reader, although I am sure they are still there, but I never look for them anymore. The pin for online payment is part of a larger process involving a digipass that generates a one-time code for authentication. So I want to hear more about the authentication and encryption processes on this one.
  2. At present, I would never pay using my mobile phone for anything. I do not trust 1) the phone, 2) the apps and 3) the network provider’s security. There is no encryption method obvious to me as a user to increase my trust, and the permission asked by most apps have turned me off from ever using them. What kind of trust mechanism(s) are they going to put in play to address this?

For me, my wallet is in my purse, and that is in a protected space in my office usually locked up. My phone, however, is in my pocket, on my desk, on a conference room table, etc. If I lose my wallet, I have the details stored elsewhere and a set of phone numbers to call to protect myself and my rights as a consumer. If I lose my phone, I can deactivate the SIM card via my mobile network provider. But I cannot wipe the contents of the phone remotely, just deactivate any privileges by changing passwords. I would have to make those calls again, assuming I have the written details backed-up somewhere. A bit of a process change for the consumer here….

I think part of this is cultural on how we use our mobile device here on the Continent, as well as what is accepted in the stores as a payment option. Our payment network is too ingrained in the consumer culture – alternative options face a steep learning curve. But I do wish them well to provide us options!

Would you want your wallet and your phone to be the same device? Which one is the worst one to lose for you right now? #justasking

Advertisement

Follow me on Twitter

My Tweets

Recent Posts

  • Organizational Resilience:   Compliance risk strategy for 2023
  • Is 2023 the year of maximalism?
  • Two key trends for 2023
  • Innovation in reuse of existing built spaces
  • Creating workplace process orchestration

Archives

  • January 2023
  • December 2022
  • August 2021
  • May 2021
  • February 2021
  • December 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • August 2019
  • July 2019
  • April 2019
  • March 2019
  • February 2018
  • January 2018
  • November 2017
  • January 2017
  • December 2016
  • November 2016
  • August 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • February 2015
  • January 2015
  • December 2014
  • September 2014
  • July 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • August 2013

Categories

  • Uncategorized

Recent Comments

edith32lamar on Why we love the Olympics
Iva Keller on Evolution of business mod…
Yves Van Seters on Apple Automotive? Revamping a…
Prediction check: 20… on Predictions for 2014 – a…

Contact me:

+32 495 228 150
M-F 9-4

Blog at WordPress.com.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • Alea Fairchild - Strategic Views
    • Already have a WordPress.com account? Log in now.
    • Alea Fairchild - Strategic Views
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Report this content
    • View site in Reader
    • Manage subscriptions
    • Collapse this bar