Multi-factor authentication and secure integration of mobile payments

Abstract

Adoption of technology reduces cost of doing business, creating competitive advantage and efficiency. The cost of Internet connectivity and smart devices is gradually dropping, exposing many to vast online resources and business opportunities. The above-mentioned trend is giving rise to the need to operate virtual shops so as to reach the vast online community which is not restricted to boundaries and time. This is greatly facilitated by business models such as Software as a Service as Cloud Computing continues to gain popularity day by day. This move compels system developers address security concerns within and without the systems. System security is indeed a wide topic but we are particular interested in secure authentication schemes. In addition to the above, there is need to integrate locally accepted payment solutions for near-realtime automatic receipting. Every business requires prompt payment for goods and services offered. Providing localised solution not only creates trust for the service but ensures quick adoption and smooth transition of the services.