Category: Mobile Payments

New cloud-based mobile payments system has won the approval of MasterCard

Gemalto, a prominent digital security firm, has received approval from MasterCard to complete its cloud-based mobile payments system. The new system is meant to serve as an all-encompassing solution, including support for backoffice server platforms and payment software running on a consumer’s mobile device. The system will leverage the power of cloud computing technology, which will make it more secure and allow it to better accommodate the needs of consumers and businesses alike.

Security remains a major issue that requires attention in the mobile payments space

MasterCard spent a significant amount of time evaluating the mobile payments system from Gemalto. The company was particularly interested in the security aspects of the system, as Gemalto has extensive experience in digital security. Mobile security has become a quite important issue in the mobile payments space. As mobile commerce has grown in popularity, it has become an attractive target for malicious groups that want to exploit consumer financial information. Gemalto has been an advocate for security, especially in the mobile payments space, for several years.

Payment system will be part of the Allynis Trusted Services Hub

The new payment system will be a part of Gemalto’s Allynis Trusted Services Hub, which serves as a turnkey business service for financial institutions. Merchants and banks will be able to use the system to effectively engage mobile consumers. Gemalto notes that the new system will be secure, providing users with piece of mind, especially as security threats become more prominent.

Companies are beginning to feel pressure to embrace mobile payments services

Mobile payments are becoming more popular among consumers, many of whom are beginning to base a significant portion of their lives on their smartphones. This has begun to pressure several companies, particularly those within the retail industry, to embrace new mobile-centric services, such as payment and mobile security systems. These companies have begun to invest in systems like those provided by Gemalto, which will allow them to better connect with consumers and ensure their success in the mobile payments field.

The financial institution has recently released an update for its Android application which supports NFC technology.

Barclays recently updated its Android mobile payments app in order to allow it to be able to complete contactless transactions through the use of NFC technology, for those whose devices support that tech.

This service will be available to customers with both the Barclaycard credit card and its mobile app.

This same mobile payments service update will not apply to the Barclays Mobile Banking app. The new service supporting near field communication (NFC technology) will make it possible for consumers to make purchases of up to £30 at participating locations. These contactless transactions are made without needing to enter a PIN or even having to open the mobile app. When Apple Pay launched in the United Kingdom, Barclays did not support the service and became the target of considerable criticism.

This launch of its own NFC based mobile payments service helps to explain the move from Barclays.

It appears as though the financial institution is working on taking its own solid stance when it comes to supporting smartphone based transactions. It will be interesting to see how things play out when Google brings Android Pay to the United Kingdom, as that service – which also uses NFC technology – has not yet been rolled out in the country. So far, many in the industry believe it will take Google more time before it will be ready for that launch.

Through the use of the updated Barclaycard mobile app, all users need to do to take advantage of the service is to enable the NFC technology on their smartphones. When it comes time to pay for a purchase at a point of sale counter with a contactless reader, users need only tap their devices against the reader to complete the transaction.

The mobile payments app operates in the background. This is meant to make the process much simpler for consumers because they will neither need to launch the app nor enter a PIN in order to make a small purchase. Certain retailers will allow larger purchases, as high as £100, to be completed without the use of a PIN.