As this blog has mentioned in the past, mobile payments have grown by leaps and bounds in recent years. For many people, the mobile phone has become their preferred tool for each transaction and merchants have made major strides to accommodate this fact. While most of the mobile payment industry has been centered around business to consumer transactions, it is slowly working its way into the B2B realm. Recently, Mark Miles an executive with the company Corporate Spending Innovations (CSI) spoke with the online publication PYMNTS.com about the future of mobile B2B payments.
Miles talked about his company's technology, which has become a major player in the mobile payment application game, partnering with providers such as Google and Apple. He believes that his solution will help businesses with their procurement efforts because it helps with efficiency and data security.
"Our technology allows businesses to make safe and secure payments from any mobile device," Miles said." As recent studies have shown us, more and more people are turning to their mobile product, and away from traditional computer use. What that means for the industry as a whole, is more interest in marketing to the mobile user. As an extension of that, more businesses have shown us an increased interest in B2B payments."
Miles went on to say that he believes his product will help companies that have become increasingly concerned with information security obtain the peace of mind in knowing their data will be secure.
However, that only covers half of the equation. Vendors accepting payments must ensure they are processing each transaction properly and doing what they can to preserve the safety of their customers' information. The best way to go about that is through tokenization. This will help vendors attain PCI compliance, which offers a number of benefits including a reputational boost. It will also protect data from a targeted attack.
Working with a payment solutions provider will help vendors acquire the right solutions for their needs.