Mobile wallet applications have largely been developed using top-down approaches, but need development from the bottom up to truly succeed, Shaunt Sarkissian, founder, president and CEO of Cortex MCP, tells Mobile Marketing & Technology.
Sarkissian will moderate the panel on Widespread Mobile Wallet Adoption – What It Will Take…And What It Means for the Retail Community at The Mobile Payments Conference – Mobilizing for Retail Oct. 6-8, 2014 at the DoubleTree – North Shore Conference Center in Skokie, Ill.
As a result of the top-down approaches, there have been glaring security lapses, muddled/confusing value propositions and misapplication of old technology into a new form factor, according to Sarkissian. The security issue is still a concern with many of the mobile wallet apps due to issues over the storage of key credentials and ID components that can be verified/accepted by a third party.
The Cortex platform seeks to address these issues by allowing consumers to use a mobile wallet across any device with security and control. The platform generates an additional four numbers that are added to the initial 16 digits to secure each transaction. The additional four digits aren’t stored, so hackers don’t have anything to use if they compromise a merchant’s security…
Read the rest of the article: http://mobilemarketingandtechnology.com/2014/08/20/new-approach-needed-to-spur-mobile-wallet-adoption-sarkissian/