Tag: Tokenization

Visa Europe to expand tokenization in support of mobile payments

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.


Biometric technology is improving mobile payments

Biometrics have succeeded in making mobile commerce more secure

Biometric technology is expected to have a major impact on the mobile payments space. A new report from Goode Intelligence has noted that this technology has helped making mobile commerce much more secure than it had been in the past. This technology involves the use of biological information, such as a fingerprint, to protect a mobile device. Many of the latest smartphones that have been released this year incorporate biometric technology in some way, especially those that have mobile payments capabilities.

Report predicts that biometrics will secure $5.6 trillion in mobile payments by 2020

According to the report from Goode Intelligence, biomteircs may be responsible for securing more than $5.6 trillion in mobile payments by 2020. This technology will be used to authorize some 226 billion transactions, with each transaction coming in at $25 on average. Consumers have shown a great deal of interest in mobile commerce, as it represents a more convenient way for them to get their shopping done. One of the problems that consumers have had with mobile payments, however, is a lack of security.

Security solutions ensure that consumers will be protected as they make mobile transactions

biometrics technology - Mobile PaymentsMobile commerce is a very attractive market, especially among malicious groups that would be interested in exploiting the financial information of consumers. Security concerns had kept many consumers away from the mobile commerce space, which has lead several organizations involved therein to look for adequate solutions to this problem. Biometric technology has proven to be the solution that these organizations have been looking for, as the technology has proven to keep consumer information safe in an effective manner.

Tokenization and biometric technology are gaining ground among payments firms

Biometrics are not the only way to keep consumer information sector, of course. Tokenization is also becoming quite popular in the mobile payments space. This involves replacing consumer financial information with digital tokens, which are unique for every transaction. Both Visa and MasterCard are using this practice in order to ensure that those participating in mobile payments are adequately protected from malicious groups.