CHICAGO, IL, October 04, 2014 /24-7PressRelease/ -- Omlis is pleased to announce that Chief Technology Officer Matt Banham has been selected as a panelist for the 2014 Mobile Payments Conference. Mr. Banham will speak on innovation in mobile payment security for mobile payments in retail on the panel entitled, 'Keeping Mobile Commerce Secure.'
The 2014 Mobile Payments Conference focuses on 'Mobilizing Retail,' and will address current issues with mobile payment practices, presenting potential strategies and solutions within M-commerce. The presentations, panels, and discussions will focus on mobile payments and mobile wallets for retail, methods for leveraging the transition to mobile, and express potential benefits from using mobile payment platforms.
Mr. Banham's speech will cover key trends in mobile fraud cases, examine current mobile security practices, and reveal the innovative security features embedded in Omlis' mobile payment solution technology. He will expand upon ways that the U.S. market can utilize the innovative fraud-free technology that Omlis offers, which features a unique mobile security encryption method and efficient mobile payment architecture system that accelerates adoption of secure mobile payment transactions.
His extensive background in engineering solutions and impressive track record leading large projects in safety critical applications brought Mr. Recently appointed to his role as Chief Technology Officer at Omlis based on his extensive background. He leads the technology efforts at Omlis, ensuring that the business delivers highly differentiated and scalable technology across relevant markets.
Mr. Banham recently spoke at Adacore's GNAT Industrial Day Conference in Paris, where he detailed the technical security behind Omlis mobile payments. Omlis is the first mobile payment system designed, developed, and tested using the Ada/SPARK technology, making it the most effective fraud prevention solution on the market.
"The Mobile Payment Conference is a timely event and important forum for discussing the need for security measures in retail implementation of mobile payment technologies in the U.S.," said Mr. Banham.
The United States is an immense geographic for mobile payment opportunities, but the rate of mobile payment adoption is relatively low. Just 17 percent of U.S. respondents reported making a mobile payment in a 2014 survey from the Federal Reserve. About 40 percent of smartphone users have tried mobile wallets.
Mobile browsers were the most commonly utilized method of accepting mobile payments in 2013, encompassing 55% of the U.S. market according to a LexisNexis report. The report also says that the largest growth channel for mobile payments is mPOS (mobile Point of Sale), which increased to 7 percent merchant adoption in 2013, and will likely see vast growth due to ApplePay implementation toward the end of 2014.
Mobile payment adoption has been hindered due to fear of fraudulent transactions, with 46 percent of respondents in a 2014 U.S. survey citing privacy concerns as the main reason for not using a digital wallet, according to Thrive Analytics. Statista reported highest consumer concerns being interception of payment information or other data, and hackers being able to gain remote access to their phone.
"Omlis technology lends itself seamlessly to the U.S. market, which has experienced high rates of credit card fraud and has high demand for truly secure and effective mobile payment solutions," said Mr. Banham.
In a 2013 U.S. study, 32 percent of businesses said that fraud prevention specific for mobile is necessary. Identity fraud is one of the main challenges, especially for mobile merchants. 41 percent of people have been a victim of card fraud in the U.S., which was ranked third highest in the world for card fraud in 2014, according to a report from the Aite Group. With over 1.2 billion debit, credit, and pre-paid cards in circulation, the U.S. has the highest penetration of card use than any other region, which is accompanied by a higher risk of fraud.
This carries over to mobile, with 58 percent of fraudulent mobile transactions in 2013 having involved a credit card according to LexisNexis. Cards are used alongside mPOS technology, contactless payments, and mobile browser transactions, which leaves a majority of mobile transactions undertaken in the U.S. at risk.
These factors, combined with the increasing mobile payment adoption by both consumers and businesses, mean that fraud prevention will be key to effective M-commerce.
Omlis technology will be a significant solution to the massively expanding mobile payment space in the U.S. and worldwide. The must see presentation by Mr. Banham will offer a technical perspective about fraud prevention within the mobile payment industry, and reveal the differentiated mobile security feature and heightened convenience that Omlis brings to market.
This is the fourth annual installment of the conference, with expectations for a high turnout of a progressive audience from retail, mobile, and financial industries. Other presentations will be made by firms which currently influence the M-commerce market in the U.S., including Discover, Verifone, and Worldpay.
The conference will be held near Chicago, IL, on October 6 - 8, 2014 at the DoubleTree by Hilton. The security panel will be on Tuesday, October 7 from 4:15- 4:55 PM.
Omlis is a global mobile payment solutions provider bringing to market a highly powerful, differentiated and effective mobile commerce solution. Designed specifically for mobile payments, the Omlis mobile payment system is a scalable and immensely interoperable payment architecture that provides complete mobile commerce security.
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