Comments on: Can Stickers Drive Mobile Payments?

By: Can Isis Bring NFC Payments to Life?: Tech News «

Can Isis Bring NFC Payments to Life?: Tech News « — Tue, 16 Nov 2010 18:50:35 +0000

[...] premise is that the carriers are working to build a payment network that allows users to use their phones as credit cards. With near field communications chips embedded inside their phones, consumers will be able to tap [...]

By: Ernesto Morales

Ernesto Morales — Tue, 12 Jan 2010 18:39:23 +0000

What do you think? Will stickers will help mobile payments stick, or will SMS and better mobile web sites for vendors comprise most of our transactions on the phone?

No, stay far away from any kind of prepaid gimmick! This will become a bookkeeping nightmare for anyone who gets into it. This will not make your life easier!

Please be very cautious and wary about using any kind of a prepaid debit card purchased through Meta Bank no matter for what reason. The reason may be excellent, but Meta Bank's services are not at all satisfactory nor are they oriented toward a positive customer service. Meta Bank pushes blame onto the customer rather than resolving issues. No matter what Meta Bank may call their service or product, they are only looking for ways to gain access to use of your money. Just pay cash. Use a savings account where you will earn a small amount of interest, the old fashion way. Neither option mentioned above will be viable with Meta Bank. Forget all of this fancy talk. It is only a gimmick to earn money for Meta Bank no matter what they package it as it is basically the same gimmick in a new wrapper each time, and the customer will get the raw end of the deal

By: Smart Card Alliance White Paper Says Collaboration Key for Secure Proximity Mobile Payments | Computer Security

Mon, 01 Jun 2009 20:16:16 +0000

[...] Can Stickers Drive Mobile Payments? (gigaom.com) [...]

By: Mike

Mike — Mon, 06 Apr 2009 18:59:25 +0000

Seems to me the stickers will drive adoption and possibly put the telcos out of the loop. Thus guaranteeing no revenue for them. It will be easy for the consumer to stick one on and replace it as necessary over time.

These stickers should (but I don’t know) include CVC3 for MasterCard (similar to the NFC cards), so they should be updated with new codes during each transaction. This should make them somewhat more secure.

By: McGuire’s Law » Blog Archive » Enabling Technology: April 5, 2009

Mon, 06 Apr 2009 02:06:41 +0000

[...] RFID stickers [...]

By: Arjun

Arjun — Tue, 31 Mar 2009 09:55:33 +0000

Stacey,
As I understand, in the standard m-payment model, the entire value chain besides the end-merchant makes around 3% of each transaction. The split of that 3% is in line with how e-payments on desktops work today. This does *not* include air-time charges to make the transaction (Example, if sent over SMS, the SMS plan would apply etc.). If you look at SKorea, companies like Danal (their billtomobile solution – forgot the exact name) have been extremely successful. Just looking at SKorea, today, more than 75% of *any* digital content purchased online is using directtobill services (more than $1.5 billion worth of annual transactions).

By: Stacey Higginbotham

Stacey Higginbotham — Tue, 31 Mar 2009 02:15:02 +0000

Arjun, but who gets the biggest piece of that value chain? That is one of the pressing questions.

By: Rodney

Rodney — Mon, 30 Mar 2009 23:23:45 +0000

No need to hack them. These things give out their data without any need to hack anything, and there’s no second key (such as a password or PIN) to validate the user. This type of payment is already a giant kick-me sign taped to the industry’s back.

They don’t care, because they can write off anything that’s complained about as fraud and they depend on consumers not checking their bills closely for all the nickel-and-dime transactions that these NFC methods are built for. Between the two, the cost of this flawed system is passed on to everyone else OTHER than the CC companies.

I’ll never willingly use a payment system that has no authentication…the ones that exist WITH authentication have soft enough types to be scary without removing even that flimsy amount entirely. Or maybe that’s the CC companies’ point here, they’re saying the existing authentications are so flimsy they’ve become worthless and we might as well drop authentication altogether?

By: Thomas

Thomas — Mon, 30 Mar 2009 22:02:10 +0000

AFIK, the mobile NFC solutions today are either based on the sim cards or in a secure module in the mobile independent of the sim card, but which in reality consists of a smart card (that is not the sim). Now is this sticker a secure device? I am a little bit unsure how much will banks soften their security policies to favor those

By: Logich

Logich — Mon, 30 Mar 2009 21:19:56 +0000

The key for NFC in mobiles is having a switch to turn the thing off to prevent snooping, cloning or theft. There is the opportunity to make this more secure than the magstripe card.

By: Can Stickers Drive Mobile Payments? (via FriendFeed) | Consumer Electronics, Social Media, and the Digital Home

Mon, 30 Mar 2009 21:00:14 +0000

[...] Can Stickers Drive Mobile Payments? [...]

By: Bryce

Bryce — Mon, 30 Mar 2009 20:29:47 +0000

It seems, at least initially, these stickers would be extremely easy to hack. An enterprising hardware guy could create a device to read & process or read & store transaction data. All he would have to do is bump a few hundred people on the subway since physical contact is not necessary.

This may not be a wide phenomenon now, but as NFC becomes more popular there creates more incentive to create such a nefarious device.

By: Arjun

Arjun — Mon, 30 Mar 2009 19:24:01 +0000

I disagree with the fact that mobile payments do not reward the value chain. The very fact that making m-payments ubiquitous and usable implies a much larger population will be using “electronic payments” should be reward enough. In one way, it is the same reason why everyone is trying to build ‘social network connectors’ – to get more people to use their service. More volume ==> more (potential) revenue in the SNS model. But in the m-payment model, More volume==> more guaranteed revenue.

By: Nicholas

Nicholas — Mon, 30 Mar 2009 18:55:23 +0000

I never understood why carriers didn’t put them on the SIM. A sort of authorization could happen, through the network or user interaction…

By: sfmitch

sfmitch — Mon, 30 Mar 2009 18:50:13 +0000

I don’t know if stickers are the answer, but I am very interested in the convenience of this type of payment system.