As of September 8, 2015 MasterCard Worldwide introduced a new program to consumers and business owners named MasterCard Express. This particular program is digital wallet based and will allow ease in how it is used in performing transactions between card users, accounts, and financial institutions. What gives the MasterCard Express more of a benefit is this item can be used through a mobile device. It might sound too good to be true as but in actuality it is the technology and security used when MasterCard Express credit card has been designed that gives the consumer the ability to use a credit card in this way.
The MasterCard Express credit card user can securely use this method if they wish by simply taking the Express credit card and doing one of two things to make a payment transaction. The consumer would either 1) wave the MasterCard Express credit card or 2) securely tap the MasterCard Express credit card over their mobile device and the authorized payment would then be completed. How these types of mobile payments are securely done are through the programming method of using tokens. Because mobile devices are being used more often there has been a growing trend of digital wallet technology when making payments. With that being said there are more credit card companies becoming popular because they are turning to the use of providing a digital wallet and providing the consumer with this ability. Credit card capability on the market at this time is Android Pay and Samsung Pay but it is just the beginning of secure digital payment growth as this trending area will become larger over time.
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Many persons are aware of the word Android is because there are smart phone owners who use Android. Some persons raise their eyebrow when hearing Android + Pay together even though it came about as of September 10. What this Android mobile application capability has done is given smart phone users the ability to make payments using credit and debit cards. What is more intriguing about this application is has been supported by the four major credit cards including the United States banks as well as the credit unions.
What gives Android Pay the ease to be liked by many persons who use smart phones is due to how it has been created as the application is available to users who obtain cellular services through AT&T, Verizon Wireless and also T-Mobile. If other cellular users are interested in obtaining the usage of Android Pay there are two ways to obtain it: 1) Google Wallet and 2) Google Play. You must be an existing user of Google Wallet to obtain the Android Pay application. If not, you can easily download the Android Pay application through Google Play.
Even though point of service (POS) vendors have been preparing for this mobile capability over time the question of security is on many minds especially due to the type of data used for authorizing and making of payments. What makes the Android Pay secure is in the transmission because there are no account numbers ever used to process payments. How is this so? Quite easily, the use for doing this is by usage of virtual account numbers to always keep account numbers safe during the transaction of payments.
Android Pay rolled out early September as a new smart phone application for Android phone users but with that being said is your business environment prepared to handle the new mobile application?
As of October 2015, the EMV card protocol aka Europay, MasterCard and Visa will become the standard for U.S. POS credit card security payments. The larger issue now is small business owners are not fully prepared for this credit card change taking place. The reasons for small business merchant owners not being ready for EMV vary from hardware to software.
Larger business owners such as Walmart or Target have the ability to get prepared for the transition into EMV card as the income is available. It is the smaller merchants who are struggling with gathering together the necessary finances to make this change. Some merchants can do this change before October and there are some merchants who will need to wait and perform the change afterward.
The change taking place is quite important because it will give more security to the consumer. The EMV card is actually a security protocol as every credit card will now have a computer chip within instead of using the magnetic strip on the outside. Each merchant will have specific hardware used at the checkout to read these cards. What makes the EMV security more beneficial is every credit card is given one specific chip that is unique only to that specific card. When the EMV card is read, a code is then sent into a card-reading device to initiate a purchase transaction. There will still need to be authorization for purchases so every card holder will need to provide his or her signature on a receipt to finalize the transaction.
Many countries have already begun the use of EMV card technology within their purchasing technology. Because of the above and the small pressure from major credit card companies merchants do feel the pressure to make this change. After October 2015 merchants can be held financially liable if credit card data is stolen from a magnetic strip reader which is still in use. In other words, the top four credit card companies are putting the pressure on merchants to make the change and obtain new hardware and/or software.
EMV card protocol is a great way to prevent credit card fraud unfortunately it is only part of the solution. This is a great beginning but this protocol is only half of the solution because the EMV protocol may work great for offline purchases but there are reservations on how it will benefit many consumers who purchase goods and services online. In other words, it seems as if the EMV card protocol is unable to do much for protection against online fraud at least for now which raises concern. The EMV card is going to be new for consumers and merchants with this transition taking place and there will be many lessons learned.
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