Tag: mobile commerce security

MasterCard partners with other companies to improve the security of mobile payments

| February 26, 2016

MasterCard announces partnership with Coin and WiseKey

MasterCard has become heavily involved in the mobile payments space and the company is looking to make this sector more secure than it has ever been. MasterCard has announced that it has partnered with Coin and WiseKey. The partnership with Coin may be unexpected, as the company has encountered trouble with financial institutions in the past in regards to its smart card, which emulated credit and debit cards. Despite this, however, MasterCard believes that its new partnerships will improve the security of mobile commerce.

Partnership aims to launch new system to ensure the security of mobile commerce

Through the partnership, a new developer program will be launched, providing access to an application program interface (API) to efficiently handle mobile transactions made through wearable devices as well as smartphones and tablets. MasterCard and Coin will work together to find ways to efficiently provide digitized card information that merchants can use to authenticate purchases. This is intended to track digital purchases for security purposes, allowing MasterCard and other companies to effectively crack down on fraud.

Wearable devices will have a role to play in the digital commerce space and MasterCard wants these devices to be safe

Mobile Security PartnershipThe partnership with WiseKey, a company that specializes in security, focuses specifically on wearable devices. These devices have yet to become mainstream, but the launch of products like Apple Watch have highlighted how they can be used to make mobile payments. MasterCard and WiseKey want to ensure that the transactions made through these devices is secure, which may improve their popularity among consumers that want to use these devices to pay for products in physical stores.

Security continues to be a main priority for those involved in mobile commerce

Security has long been a major issue in the mobile commerce space. Many consumers have avoided making mobile transactions because of security concerns, believing that their sensitive information would be put at risk. Several companies have begun improving the security of the mobile commerce space in order to increase confidence among consumers. MasterCard, as well as other financial organizations, have made significant progress in this regard over the past few years.

Visa Europe to expand tokenization in support of mobile payments

| February 23, 2016

Visa Europe will be expanding its innovative tokenization service to support cloud-based transactions

Visa Europe is expanding its tokenization service to support cloud-based transactions coming from the mobile payments platforms that banks are using. The organization is responding to growing demand for payment support for mobile devices throughout Europe. Many consumers are beginning to rely on their mobile devices to shop online and in physical stores, which they consider to be more convenient than conventional forms of commerce. They also want to ensure that the services they are using are secure, which is where tokenization comes into play.

Tokenization has helped consumers become more comfortable with the concept of mobile commerce

Tokenization allows mobile payments to be made securely. Through a typical payment system, financial information is transferred digitally, allowing consumers to make payments online. Tokenization replaces this information with digital tokens, which can be used to authenticate transactions. These tokens are unique for every transaction, ensuring that consumer information is kept safe. Visa has become a pioneer in tokenization, which has helped consumers become more confident in the security of mobile commerce.

Half of all Visa transactions expected to come from mobile devices by 2020

Mobile Payments Security - VisaThe expansion of the Visa Europe Payment Tokenization Service will allow banks and other organizations to take advantage of tokenization. By 2020, Visa Europe predicts that one in five consumers will pay for products using their smartphones and other devices on a daily basis. Mobile will account for 50% of all Visa transactions made by that time, which has highlighted the need for secure services. Security is a top priority for banks, especially as consumers become more mobile-centric.

Embracing tokenization could allow retailers to find more success in mobile shopping

Visa Europe’s tokenization system will allow more merchants to enter into the mobile payments ecosystem. This is good news for retailers, as they can find major success by engaging mobile consumers. If they can provide secure services, they will have a better chance of connecting with consumers and providing them with an enjoyable and safe shopping experience. Visa has managed to improve the mobile commerce space significantly through its tokenization service, which has been praised by retailers and financial institutions.