Tag: mobile security

Visa brings more security to Samsung’s mobile payments platform

| March 4, 2015

Visa and Samsung come together to make mobile transactions more secure

Visa has announced that it will be supporting mobile payments on the newly unveiled Samsung Galaxy S6. Samsung revealed the new iteration of its flagship smartphone over the weekend. The device will have several upgraded features over its predecessors, but will also support Samsung Pay, a new mobile payments service that has been devised by Samsung. The new payment service is expected to officially launch in the summer of this year, and will support technology developed by Visa.

Visa Token Service will be used on Samsung Pay

Visa’s Token Service will be supported by Samsung Pay. This service involves the tokenization of consumers information when they make mobile payments. Financial information is converted into digital tokens, which can be used to authenticate a transaction. These tokens each feature a unique, 16-digit number and are created for specific payment environments. For example, tokens generated for the Samsung Pay platform can only be used on that specific platform and no other.

Samsung makes its first official entrance into the mobile payments field

Mobile Payments Security - VisaSamsung Pay represents Samsung’s first official step into the mobile payments field. The company has supported mobile commerce for some time, incorporating NFC technology into its mobile devices. This technology makes up the majority of the mobile payments infrastructure, and Samsung was one of the companies to make NFC-enabled devices more available to consumers throughout the world. Samsung will have to compete with other large companies that have established a strong position in the mobile commerce space.

Visa will help make mobile commerce more secure for consumers through the use of digital tokens

Visa’s support of Samsung Pay may help make the new mobile payments service wildly popular. The use of digital tokens will make Samsung Pay quite secure, when compared to other payment services. Mobile transactions can be made more secure through the use of biometric technology, as well, but tokenization has received more support from Samsung with its latest mobile device. Samsung Pay will be able to be used online and in physical stores that support mobile payments.

Visa brings tokenization technology to Australia’s mobile payments space

| March 2, 2015

Tokenization could help make mobile payments in Australia more secure for businesses and consumers

Visa has begun rolling out a new tokenization initiative in Australia. Tokenization is a relatively new trend that has begun to emerge in the mobile payments field. It involves replacing a consumer’s personal and financial information with digital tokens, which can be used to authenticate mobile transactions. These tokens add a new layer of security to mobile payments, as they do not contain financial information, which makes them a less attractive target for those that would seek to exploit such information.

Tokens bring a new layer of security to the mobile space that is difficult to break through

Digital tokens take the form of a unique, 16-digit number. This process is becoming more popular in the mobile payments market due to the risks that exist in the digital world. Over the past few years, cyber attacks against companies that support mobile commerce, and consumers that partake therein, have increased. With cyber attacks becoming more common, businesses are looking for better ways to protect themselves and their customers. Visa is one company that is offering a solution to this problem.

Stolen tokens are largely useless to hackers

Mobile Payments - AustraliaVisa is making its tokenization technology available in Australia, which could help foster the growth of mobile payments in the country. Visa notes that if tokens are actually stolen by malicious parties, it cannot be used elsewhere, and tokens can be deactivated in a quick manner. Tokens are generated in and are unique to every payment environment, which means that they cannot be used on other platforms unless they are generated for that platform specifically.

Australia’s mobile payments space could experience growth due to the incorporation of token technology

Security has long been a serious problem for the mobile payments space. Because of the relative youth of this sector, security measures have not yet caught up with the risks that exist therein. Tokenization could help make mobile payments more attractive to consumers and businesses, many of whom believe that participating in mobile commerce is a risk to their financial information.