Consumer details have to be safeguarded if the rise of electronic payments is to continue
Consumers and businesses alike have been rapidly adopting the latest technologies in recent years as new developments designed to increase the ease with which processes and transactions are carried out become more popular, and much of this has been down to the ability of emerging IT services to work quickly and efficiently.
But while the likes of cloud computing, remote working and video conferencing facilities have all expanded the ways in which companies and individuals go about their daily lives, the security of these and similar services has often been a determining factor in their success.
So as electronic payments become increasingly popular, one expert believes that the risks associated with the trend have to be properly considered and tackled in order to protect consumers from any flaws and avoid the potential security pitfalls that could prove particularly costly.
"It’s important – you can’t ignore it, it does represent a risk, it does represent a danger and the more we focus on electronic payments, the more the details and your personal details needs to be protected," said Clive Kahn, chief executive officer at Cardsave.net.
And as well as emphasising the need for effective data protection methods to protect both retailers and consumers as electronic payments become more popular, Mr Khan also suggests that the companies which provide the systems may need to be more closely regulated.
"I do believe that the major providers have overcomplicated it and made it sound really, really difficult and they’re profiteering out of it as well," he added.
Despite the obvious benefits of paying electronically in speeding up the shopping process for customers and improving the experience of consumers, possible security flaws will have to be tackled effectively if people are to trust the technology.
Indeed, the cost of using such facilities will also have to be kept to a minimum in order for the practice to become more commonplace in stores throughout the UK.