Friday, May 6, 2011

Online Payments Security Part. III


Banks are not the only one to offer new payment solutions. Weneo, an adapted version of the online payment inherited "Moneo" offers a USB key that stores electronic money units, to make secure purchases of small amounts (below 30 €) on the internet without disclosing their bank details.

The market for trusted third party also whets the appetite. The historical actor PayPal (credit institution licensed in Luxembourg, for its European operations) is now challenged by Google Checkout (ELMI registered in the United Kingdom). In France there are also some establishments such as payment or Limonetik Cards-Off, which is also responsible for completing the transaction by credit card instead of the merchant site. The buyer did not then enter their bank details to the merchant site.

Also there are companies like Secuvad offering integrated solutions to secure payments (fraud detection real-time scoring and historical bases), but these solutions if they protect traders, does not protect the buyer himself.

The surprise could come from so many;  Buyst, authorized payment institution recently created by Orange,  SFR, Bouygues Telecom and Atos Origin, surfing the development of Smartphone and offering both secure payments m-commerce and e-commerce via the mobile phone.

It is unclear whether these new entrants will have hard time to major banks in the field of online payments. Still, they are laboratories of innovation than traditional banks must watch closely.