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The liability shift and its impact on mobile payments

The liability shift and its impact on mobile payments

February 24, 2015

Via: itCurated

Here are potential innovations to watch this year in mobile payments, and credit card payments in general.

This is going to be a major year for innovation in mobile payments, and credit card payments in general, as the fundamentals of credit card-based payments are being shaken by the “liability shift” that occurs later in the year. Essentially, “liability shift” places the burden for fraudulent credit card charges in the hands of merchants and issuing banks that don’t implement new technology to accommodate chip-based credit cards that offer superior fraud protection versus magnetic stripes common in the US. The motivation behind this policy is fundamentally that the US has become the global capital for credit card fraud, with a predicted $10B US in losses due to fraud in 2015. There are several broad trends and technologies to watch in 2015 as the payment space evolves.

The liability shift and its impact on mobile paymentsThe liability shift and its impact on mobile payments

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