A Forrester Research report analyzes the early successes and failures of Apple’s mobile payments system.
Cyota Corp. has introduced SecureClick, an online payment security model in which consumers never send their real card number over the Internet to make purchases. When purchasing through the SecureClick system, the customer never uses his or her credit card or debit card number, instead using a one-time "disposable" transaction number that only the authorized customer can access. The SecureClick system also checks the customer's final invoice against their original purchase order for discrepancies.
New York City-based Cyota announced SecureClick after releasing a survey of online consumers that found that fears of online credit card security are a major barrier to expanded e-commerce. The survey, conducted by Washington, D.C.-based SWR Worldwide, found that 64% of Internet users are "very concerned" about the security of their credit card information and transactions online, 55% of Internet users say concern over online credit card security limits their purchasing behavior and 79% say they would be "much more likely" to shop online if they were convinced their credit card information was secure.
Further, 87% of Internet users say they would be "more likely" to use a credit card that didn't require them to give out their credit card number to make purchases online. Some 65% of Internet users say they would spend more money online if they didn't have to give out their credit card information when making a purchase, the survey said.