Visa: Mobile Payments Boom By 2022?

June 13, 2018         By: Steven Anderson

Mobile payments by itself is just part of a growing slate of new technologies that’s combining to make a much fuller industry. We’ve seen it team up with biometrics, with artificial intelligence, with both virtual and augmented reality and even gaming to produce a magnificent opportunity for everyday use. A new report from Visa, meanwhile, suggests that, if things keep going how they’re going with a few small changes, we could see an explosion of mobile payments by 2022.

Visa now predicts 30 billion ways to pay, and 400 million ways to be paid, all arriving by 2022. That’s thanks to, as Visa Asia-Pacific regional president Chris Clark puts it, a growing number of options for customers in both platforms to use and locations at which to use them. Also throwing in is a general increase in technology, as we’ve noted.

Visa is therefore stepping up its involvement with third party operations, giving its three billion customers worldwide access to desired goods and services. Partnerships with financial institutions, retailers and more are all under way as Visa rolls out its application programming interface (API) to the end users, which steps up new innovations and speeds up development.

However, there’s one big problem in the way, according to Visa’s vice-chairman and chief of risk Ellen Richey, and you’ve probably already guessed what it is. It’s the same problem that’s been dogging mobile payments since it started up: security. “The explosion of digital payments is creating new security vulnerabilities as personal data is exposed,” Richey noted.

Visa has already taken steps to protect against this new risk, bringing in tokenization to more than just the plastic card, but also into wearable devices and the like. 3D Secure service, meanwhile, has gone beyond its original purpose as a browser-based ecommerce protection and is being brought into mobile payments and beyond.

Security has always been the problem in mobile payments, and even as new solutions have emerged, new counters have followed to make us vulnerable. No technology will ever be perfectly secure, because as long as there’s money to be made, criminals will work against security protections.

But that doesn’t matter. We’ll see increasing security and more opportunities to use mobile payments, which in turn should see the market explode in the near future.