VeriSign to Address M-commerce Concerns

by Muntazir Abbas    Aug 06, 2009

Mobile penetration in India is growing by leaps and bounds, but m-commerce is lagging as it is generally perceived to be risky. Security gateway provider VeriSign plans to engage with the financial sector to mitigate risks associated with m-commerce.

VeriSign, which has been providing secure SMS deployments for financial services, payments and remittances, is confident of leveraging its expertise to address security vulnerabilities, such as identity theft, phishing, and mobile financial fraud.

According to a Mobile Marketing Association study on mobile attitude & usage in Asia Pacific Markets, 33% of consumers perceive mobile transactions as too risky. The greatest mobile data usage is reported in India, followed by Korea, Singapore and China.

Speaking to CXOtoday, Louie Stonjanovski, director of regional operations (messaging and content), VeriSign, said the company facilitates security gateway between network carrier and financial institutions to ensure SMS as m-commerce medium to be secure and reliable. "We monitor data and malicious codes and engage operators and banks."

"As mobile subscribers are expected to cross the 500-million mark this year, we’re more focused. The RBI statistics show that nearly $24 billion worth of transaction has been done from January to June 2009, said Basavraj Nagaraj, senior manager (product), VeriSign India. We’ll engage operators and banks and act as a consultant to educate them," he said.

VeriSign operates in nearly 200 countries and offers security gateways to 700 carrier connections.

Juniper Research predicts that there would be more than 100 million users around the world who use their mobile phones for international money transfers by 2013.