According to the ABI Research’s Payment & Banking Cards & Contactless Technologies Research Service, cumulative shipments include secure USB tokens, standalone OTP generators, portable smart card readers, as well as mobile device software applications. Of the 2018 shipment total, ABI Research forecasts that mobile software applications are set to account for 81 percent, compared 2012 when they only accounted for a mere 22 percent.
Mobile device security has become a focal area for improvement since the proliferation of smart phones and tablets, the research finds. 24/7 access to applications is the new must-have service, which is no different in the online banking world. Improving access and mobility is central to current banking service strategies, but security must be of a level to deter/defeat the emerging threat of cybercrime targeted towards mobile devices, ABI Research has found.
Extension of functionality and convergence of solutions is expected to prove to be an important aspect within the future market. More information accessed/provided and stored in one place makes mobile devices a more appealing target, ABI Research indicates. However, in addition to the heightened threat, convergence is providing the opportunity to combine online ID and authentication solutions onto one application, or in this instance, one mobile device. It would be feasible, using NFC technology, for the mobile devices to become the authentication platform, tapping the device onto another secure contactless card/device to authenticate online identities or storing information directly onto secure elements.
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