Gemalto has just released the first ever cloud based payment solution that meets MasterCard’s strict certification requirements.
Gemalto is known for being a leader in digital security, so it’s no surprise that Gemalto was the first platform to receive this prestigious certification.
Gemalto says that its cloud based payment service has received MasterCard’s certifications on both its mobile payments backend as well as its mobile app, which would be used by consumers.
Gemalto’s newest advance in cloud based payment technology has been integrated into its Allynis Trusted Services Hub, which is presented as a turnkey business service for financial organizations.
Obtaining a certification from MasterCard in the emerging cloud based payment services industry is no easy feat. According to Gemalto, its cloud based payment solution must meet or exceed regulations concerning MasterCard’s:
- Account Enablement System (AES)
- Credentials Management System (CMS)
- Transaction Management System (TMS)
- Mobile Payment Application (MPA)
“The consumer lifestyle is increasingly defined by the ubiquitous smart phones and tablets and there’s an ever-growing appetite for secure mobile payment,” says Jean-Claude Deturche, the Senior VP of Mobile Financial Services at Gemalto.
“Gemalto’s MasterCard-approved suite of Cloud-based payment solutions opens another flexible and highly efficient route into this fast-growing market, securely located under the broad umbrella of our proven Trusted Services Hub, the Allynis TSH,” Deturche went on to say.
Back in 2014, CloudWedge published an article regarding host card emulation.
The concept of turning a mobile device into a credit card will likely gain traction in the consumer world. As criminals become more sophisticated, those in the credit card security industry must stay one step ahead.
Criminals are increasingly using methods to re-encode legitimate credit cards with stolen credit cards numbers, this allowing the criminal to steal money from financial institutions.
Host card emulation and Gemalto’s cloud based payment solution may work as a deterrent for these types of tactics, as the payment card industry continues to develop new methods to mitigate fraudsters.