Cloud-based mobile payments, Visa paves its way: stakes and opportunities
Online payment industry despite the security threats
progressively gains in maturity, in terms of technologies, actors and adoption.
Henceforth the big challenge is the user experience requiring simplicity and secure ways.
At Visa, one of the key players in the digital
payment industry, the new momentum includes the extension of the Visa Ready
Program to enable Visa payment functionality in the cloud.
Officially announced yesterday, henceforth, Visa is offering clients new
options to securely deploy mobile payment programs, including an option to host
Visa payWave-enabled accounts in a secure, virtual cloud.
Connectikpeople.co observes that, the move expands Visa’s support for
mobile payments globally and aims to give financial institutions secure ways,
allowing its customers to pay with smartphones.
As a forward-thinking IT leader with global operations, Connectikpeople.co
encourages this approach which includes flexible, cost efficient and secure
ways to
enable mobile payments.
The Android HCE feature, recently embedded plays a key role in this
innovation.
If unfamiliar, Connectikpeople.co recalls that, the new feature in the Android mobile
operating system called Host Card Emulation (HCE)., allows any
NFC application on an Android device to emulate a smart card, letting users
wave-to-pay with their smartphones, while permitting financial institutions to
host payment accounts in a secure, virtual cloud.
With this technology, developers can create NFC applications like mobile
payments, loyalty programs, transit passes, and other custom services.
The new Visa Ready Program supports financial institutions and partners who
wish to securely deploy Visa accounts in the cloud by new standards, tools,
services and implementation guidelines, Visa payment compatibility.
In terms of security, Visa announces
several layers of security to protect payment accounts in the cloud, including
at the Visa network, application and hardware levels. ‘’One-time use data,
real-time transaction analysis, payment tokens and device fingerprinting
technology make up a multi-layered defense against unauthorized account access’’.
For the industry, this new development integrating security benefits of
tokenization can enable an open, scalable approach for issuers to provide users
with a secure way to make contactless payment using their Android-based
