Nearly half of Millennial generations and about 80% of Z generations prefer mobile payment methods over traditional methods. However, the emergence of mobile payment systems has amplified various issues related to transactions.
Fraud and Chargeback
Foreign transactions
Secure card information
The difference in business
Compete with Credit - Debit card
Network security risks
The relationship between mobile, security and blockchain payment systems
Businesses are leveraging Blockchain as the torch of digital security and using its core elements as a pillar for mobile payment applications.
Basic elements of Blockchain Technology
Mining: Extract data for different transactions and create a sequence of them.
Distributed ledger: Keep data in sequence; Allows copying, sharing and synchronizing strings.
Decentralized system: Use code to record chronological transactions in a decentralized system.
Hash value: Convert transaction data into a single string value.
Characteristic non-key infrastructure: Save all hash functions and run an algorithm to verify a system is created for the purpose of authentication and monitoring.
What will Blockchain technology help businesses?
Digital account ledger will ensure faster and safer transactions in digital currency transactions and exchanges, by:
Verify the link of the payment
Allow real time tracking
Improve identity verification process
Blockchain should be used to:
Minimize fraud and attack with malicious code (38%)
Improve verification process (26%)
Payment and secure transactions (25%)
Increase work efficiency (24%)
Benefits of integrating blockchain technology into mobile payment systems
Data protection
Transparent and standard data as required
Infrastructure protection
Fraudulent fraud and crime bring down
Cross-border payments are simple and easy
Truncate intermediate steps with Smart Contract
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