Thanks to 5G, the connection will be more stable and faster, and those who have e-commerce will have enormous advantages: this is what will change and why it is time to sell online. Thanks to the future spread of 5G, all mobile payment processes will improve, and therefore the volumes of online shopping will increase.
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Thanks to the more stable and faster connection, users will be more motivated to shop online. However, security officers will not have to let their guard down as cyber threats are always present and must be able to continue to ensure systems adapt to global standards. Generally speaking, the e-commerce world should take another leap forward in the coming months. Here’s what the data says.
E-Commerce And Online Payments Even Safer
According to the Verizon 2022 report, the new security standards for credit card payments and protecting privacy and data allow for safer processes and transactions and are effective. Despite the evolution of digital systems, experts still warn users of increasingly sophisticated cyber threats.
Many companies are already moving in this direction to achieve sustainable and effective user data security. In particular, the 2022 report notes that PCI DSS compliance has improved compared to 2020, with 43.4% of companies maintaining full compliance with the standards.
In addition, it was found that, although more than half of organizations (56.7%) do not implement one or more security checks, the gap has improved from 7.7% in 2019 to 4% in 2020. However, the financial sector remains the most frequent victim of organized crime, with servers involved in 90% of security and financial breaches. Consequently, companies and organizations must take steps to keep their users and customers safe.
The Impact Of 5G On Security
The advent of 5G brings many advantages; this technology will significantly impact safety standards. The speed and stability will greatly enhance the mobile experience. Online payments will be safer thanks to new identification and data protection methods, as well as safer and faster connections.
E-commerce and financial services companies will be able to find new ways to benefit from 5G. At the same time, security professionals must explore how these new technologies could affect compliance with international security standards. Therefore, online shopping from mobile is confirmed as a significant and growing trend. For this reason, investing in e-commerce platforms that are optimized, safe, and pleasant for users to use is essential.
E-commerce Payments: The Challenges For The Future
In general, the work of the leading payment providers can be summarized in some standard lines of work:
- better user experience ;
- cross-border payment solutions ;
- greater security of transactions.
First of all, there is the attention to the user experience to simplify the payment and interaction process, especially on smartphones, and to support the new habits of consumers: for example, the purchase on Messenger and WeChat ( social Commerce ) and the purchase recursive through subscription models ( Commerce subscription ). We have already seen, for example, how a mobile wallet should be designed according to users.
Secondly, there is an interest in developing payment solutions that facilitate cross-border, operating by the specific needs and rules of individual markets (such as different currencies and local legislation) and by the leading international circuits. Finally, the issue of security remains a priority: the primary objective is to effectively prevent and combat the phenomenon of fraud which in 2017 represented 0.15% of the market in value, in line with the incidence recorded in 2016. copies are of particular interest to the evolutions of biometric authentication for smartphone payments through the recognition of fingerprints or facial features.
