If sensitive data is left unprotected, it can result in severe consequences for the service provider’s business, including financial fraud, violations of legal regulations, penalties from the regulators, loss of consumer trust, and identity theft etc. By implementing security measures at the hardware level, a payment processing application can become more resilient to attacks. This effectively secures against malicious attempts prior to reaching the actual application layer.
Against escalating security threats on mobile payments, empowerment of merchants, acquirers, and service providers with new commerce opportunities and experiences in store and protection should
Artificial Intelligence will boost info security through behavioural biometric intelligence in coming time. Mobile payments security will play the key role in the importance of info-security and privacy in payments. This industry is changing every day i.e it dynamic so why to relay on static method of security.