Given how fast-paced and digitized everything has become, it’s no wonder that paying quickly, easily and securely through phones and computers is now the norm. So, for companies to compete in the marketplace, they also need to offer these types of payment options to their customers. When done well, consumers are happy, companies enjoy more sales as a result of less payment friction… it’s a win-win all-around, right?
Not so fast. This rosy picture of easy consumer transactions on the go and easy payments for businesses is certainly the goal of end-to-end payment solutions, but before it can be the true reality, there are numerous barriers to overcome. One of these, unsurprisingly, is fraud. Specifically, “card not present” (CNP) fraud has been rising and is expected to reach costs of $7.2 billion annually by the end of 2020.
Mobile operators around the world are searching for market differentiators. In a time when mobile network quality, device availability, functionality and pricing are directly comparable across markets, not even advertising or branding campaigns can change customer perceptions.