The payments industry has shifted toward mobile experiences, with the digital payments market projected to be worth more than $15 trillion by 2027 according to recent statistics. These transactions contain a wealth of information that is not available in traditional payments, including expansive and diverse data elements. The U.S. Payments Forum delves into how this information can be used to enhance security, fraud prevention and user experiences in its new white paper, “Exploring Data Elements in Mobile Payment Transactions.”
“Tapping into the data-rich world of digital payments has the potential to revolutionize the industry. We created this resource to help stakeholders navigate the benefits while maintaining a commitment to security, ethical data practices and future-focused approaches,” said Devon Rohrer, managing director of the U.S. Payments Forum.
The following key insights are included within the scope of the white paper:
- Expanded data elements - Mobile transactions access data elements including data relating to EMV 3-D Secure (3DS), geolocation, digital wallet behavior and tokenization.
- Authentication and fraud prevention - The significance of device fingerprinting and location data for improving authentication methods and detecting fraudulent activities, as well as enhanced authentication using 3DS elements and biometrics for its potential in strengthening transaction security.
- Data handling – The best practices for handling personally identifiable information (PII) and the importance of compliance with Fair Information Practices Principles and relevant legal frameworks.
- Stakeholder implications – Details for issuers, mobile providers, payment networks, processors, and merchants emphasizing the need for sophisticated data analysis tools and adherence to privacy and security standards.
- Future research and trends - Opportunities for exploring additional data fields and payment technologies (e.g., EMVCo Secure Remote Commerce (SRC)) and the potential benefits of industry-wide cooperation in data sharing and management.
The Forum’s Mobile and Touchless Payments Working Committee collaborated to develop this resource. Organizations, associations, government agencies and individuals interested in participating in upcoming Forum projects can visit the Secure Technology Alliance’s website to learn how to become a member. By joining the Secure Technology Alliance, members will have access to activities within the U.S. Payments Forum and additional Alliance-affiliated organizations.