移动支付面临的安全挑战

Going cashless is already a way of life in many Chinese metropolitans, and the huge market potential of mobile payment is alluring many tech giants to fight for a slice of the pie. But is the security of mobile payment guaranteed?

Q1. How often do you use mobile payment?

“I use mobile payment in places like shopping malls, restaurants and super markets.”

“I don’t really carry my wallet around these days.”

“I always use my phone to pay if mobile payment is supported.”

Q2. Do you have concerns about security?

“I think it’s pretty safe to use mobile payment.”

“I've used it for a long time and never met with any problems.”

“I never use mobile payment when connected with public Wi-Fi ”

“I always fear that one day I might lose my phone. ”

Mobile payment apps like AliPay and WeChat have fundamentally changed the way Chinese interact with money.

According to the data by the People’s Bank of China, nearly 14 billion transactions were done via mobile payment in 2015. That’s twice as much as the previous year. What’s even more astonishing is a total volume hitting over 16 trillion US dollars, a four-fold increase year-on-year.

But at the Future Technology Forum in Shenzhen, experts say the security concerns are endangering the mobile payment.

According to a report by Chinese Internet giant Tencent, the number of cell phone viruses increased by over 16 million, ten times that of 2014. And over 25 million users had their phones infected.

Following in the footsteps of Apple Pay, Chinese tech giant Xiaomi also wants to combine e-payment with its phones. But the first thing the company needs to do is persuade consumers to believe in its security system.

"First we use embedded security chips to protect hardware hacking. Then any action in the payment software will be put into a 24-hour surveillance. We are trying to use big data generated by user actions to build an early warning system," said General Manager of Mi Pay Song Zhenzhong.

Tencent also says there are over 16-thousand people dedicated to creating Trojan viruses for mobile phones in China. In retaliation, NFX, a major mobile payment chip maker, has hired hackers as defense.

But Xiaomi says the weakest link is not the security technology, but a lack of social awareness.

"Now the biggest problem is a social one. Users’ information can be easily leaked via their bank cards or ID cards. So a real-name system for phone registration is necessary. But that is beyond our control," said General Manager of Mi Pay Song Zhenzhong.

Experts say to fully protect mobile payment, government, users and tech firms need to work together.