March 3rd, 2016 by Elma Jane
Apple and Samsung, Plus HCE, Lending Momentum to Contactless
EMV migration in the U.S. is helping to establish NFC since nearly all EMV terminals come with built-in NFC capability. Consumers worldwide will make mobile payments with their handsets using near-field communication this year, nearly 70% will be Apple Pay and Samsung Pay users.
Some banks were offering mobile wallets based on HCE. Banks have responded to HCE because its cloud configuration stores and manages payments information, bypassing the secure element in the phone. This allows banks to introduce tap-and-pay mobile-payments services quickly because it eliminates the need to negotiate terms with mobile carriers and device manufacturers to gain access to the secure element. Cloud-based credentials can be tokenized to protect from hackers. Tokenization and HCE combination is extremely attractive to banks.
Apple, Samsung and a cloud-based technology host card emulation are playing a big role in spreading contactless payments.
Posted in Best Practices for Merchants, EMV EuroPay MasterCard Visa, Mobile Payments, Mobile Point of Sale, Near Field Communication, Smartphone Tagged with: banks, consumers, contactless, contactless payments, EMV, HCE, host card emulation, mobile, Mobile Payments, mobile wallets, Near Field Communication, nfc, payments, terminals, tokenization
February 23rd, 2016 by Elma Jane
Cardless ATM’s Could Help Push Mobile Wallet Adoption
The mobile wallet will be the payment method in five to 10 years.
Cardless ATM transactions is a great way to introduce smartphones as payments devices. It could help with the adoption of mobile payments and wallets. Mobile Smart Phones will become the piece of plastic and cards will be a thing of the past…
A multinational banking corporation intends to use (NFC) near-field communication for its service. It will let customers leverage NFC technology on their smartphones to authenticate at the bank’s ATM without a debit card.
An NFC cardless ATM transactions could be compatible with Apple Pay which uses NFC technology.
Benefits:
Speedier ATM cash withdrawal takes about 15 seconds without the debit card compared with 60 to 90 seconds with a debit card, whether it’s a chip or magnetic-stripe transaction.
Safer ATM transaction. No physical connection between the phone and ATM, skimming device to intercept the transaction is gone.
The barcode represents the time of day and what terminal the transaction is taking place at. Everything is tokenized.
Cardless ATM transactions are interesting and an appropriate evolution.
Posted in Best Practices for Merchants, Near Field Communication, Smartphone Tagged with: banking, cards, debit card, Mobile Payments, mobile wallet, Near Field Communication, nfc, payments, transactions
February 11th, 2016 by Elma Jane
E-commerce is a virtual platform, where we can get products and services and make payments through the internet.
E-commerce trend is constantly changing, it is necessary for a merchant to watch out for the upcoming Trends in this industry for a business to success.
To help boost your conversion rates here are the trends to be followed:
Contextual Commerce – The next big thing in payments and e-commerce. Providing complete description with images and videos to help your customer decide to purchase a product. Customization is an important factor as well to convince about the products or services.
Fast Delivery Shipping – Customer wants to receive the products after purchasing as soon as possible. So Reliable, Timely shipping means a lot.
Mobile Shopping – getting your online store ready for mobile shoppers is not an optional feature, it’s a mandatory part of a strategy.
Multiple Channels For Shopping – optimization is a great experience for shoppers. Having online store presence in different technology gadgets is a must.
Real Time Analytics – analyzing consumer behavior based on data entered into a system less than one minute before the actual time of use. Finds out why a customer leaves the store and prevents customer loss.
Virtual Sales Force – Hiring virtual salesforce, utilizing pop-ups and live chat who will help customers which are similar in a physical store.
Step ahead out of the conventional methods and adapt prevailing trends by embracing innovation so you can offer something new to your customer.
Posted in Best Practices for Merchants, e-commerce & m-commerce Tagged with: business, consumer, customer, data, e-commerce, internet, merchant, mobile, online, payments
February 4th, 2016 by Elma Jane
Companies providing electronic money services, such as online or mobile payments accounts, have more than doubled since 2013.
This number has been on the rise over the past few years as consumer confidence in alternative payments methods has increased.
UK consumers and businesses are increasingly comfortable with the idea of a cashless economy, in which they might not be able to physically see or access money. More are embracing pre-paid cards, contactless and mobile payment systems for ease of use, efficiency and enhanced security.
According to a specialist financial services regulatory consultancy, there has been a significant increase in the number of electronic money providers registered with the Financial Conduct Authority (FCA).
E money providers must be authorized with the FCA under the Electronic Money Regulations 2011 and meet stringent consumer protection criteria, including adequate capital, the separation of customer’s money from the company’s funds.
The regulatory background is complex and electronic money providers need to ensure that systems, processes and controls are tight to ensure a high level of consumer protection. The FCA is not afraid to place these businesses under a microscope.
Many are concerned that this increase in alternative payments methods will lead to the death of the traditional bank, but only if they fail to innovate and adapt to market trends and consumer needs.
Posted in Best Practices for Merchants Tagged with: bank, cards, consumers, contactless, customers, electronic money, financial services, Mobile Payments, online, payment systems, payments, payments methods, provider's, Security
January 28th, 2016 by Elma Jane
The shift to EMV is helping to address vulnerabilities in the United States payments ecosystem. It has been shown that EMV can deliver benefits as a part of industry efforts to combat fraud.
EMV migration is a critical focus for enhancing payments security, which is why the current efforts around chip card deployment are greatly beneficial for consumers and merchants alike. EMV technology helps to reduce counterfeit card fraud, as it generates dynamic data with each payment to authenticate the card, after which the cardholder is prompted to sign or enter a PIN to confirm their identity.
The EMV rollout represents a dynamic time for card payments that promises great advances, among them is enhanced security for cardholders. It also presents an opportunity to consider other innovations such as mobile wallets and mobile POS to further engage your customers and drive customer loyalty. When merchants continue to invest in EMV and NFC (near field communications, used for tap-and-pay transactions), the purchases made at their EMV-enabled terminals are made more secure than magnetic stripe.
New mobile payment options such as mobile wallets support EMV and therefore offer this added layer of security. Ultimately, by enabling contactless payments, merchants can also enable more flexibility in addition to increasing security for their customers.
Additionally, industry players are backing major mobile wallets, such as Android Pay, Apple Pay, and Samsung Pay.
Posted in Best Practices for Merchants, Credit Card Security, EMV EuroPay MasterCard Visa, Smartphone Tagged with: card, cardholder, chip card, consumers, contactless payments, customers, data, EMV, fraud, magnetic stripe, merchants, mobile, mobile payment, mobile wallets, near field communications, nfc, payments, PIN, POS, Security, terminals, transactions
January 27th, 2016 by Elma Jane
MasterPass To Make Booking Travel Experience Even Easier For JetBlue
MasterCard today added JetBlue as its latest merchant to accept digital payments with MasterPass. MasterPass will be available later this year on the airline’s website and mobile app, giving customers the opportunity to speed up their booking travel experience, according to a press release.
With MasterPass, shoppers can pay for the things they want at thousands of merchants with the security they demand, anywhere online or in app, using any device. The wallet securely stores shoppers’ preferred payment and shipping information which is readily accessible when they click on the “Buy with MasterPass” button and sign into their account.
U.S. consumers can sign up for a MasterPass account by visiting the MasterPass website or through a participating bank. Launched in 2013, MasterPass by MasterCard is free, easy to set up, and available anywhere you see the Buy with MasterPass button. It is currently available in 29 countries and is accepted at 250,000 merchants globally.
Accepting MasterPass by MasterCard on JetBlue’s online and in-app properties expands the relationship between the two companies. JetBlue announced in October 2015 that MasterCard would be its network partner for its co-brand portfolio.
Posted in Travel Agency Agents Tagged with: bank, customers, digital payments, merchant, mobile, mobile app, online, payments, Security, travel
January 14th, 2016 by Elma Jane
We would like to let our customers know of additional benefits that are coming, in addition of the protection that chip card technology provides.
On January 24, Verifone will release a software update for your card terminal that will include two important new features:
- PIN Debit: With this feature, when your customer pays with a Visa, MasterCard or Discover chip debit card, your terminal will allow you to process it as a debit transaction. The update will change the prompts you’re used to seeing based on how the card is configured.
- Tip Adjust: If your business accepts tips, you will now have the option to add the tip at the time of sale or adjust it later, just like with non-chip card transactions. To use the tip adjust feature, simply skip the tip prompt during the sale.
Once the download is available, your card terminal will automatically receive the new application during its monthly update. For best results, leave your terminal on overnight to ensure it receives the update.
We appreciate your business and we are committed to providing you with solutions to ensure your ongoing transition to chip card acceptance is smooth.
For more information on terminal upgrade, please visit www.chipcardsuccess.com.
Start accepting credit card payments at your business with the following features on your new POS terminal: NFC + EMV PIN & Signature capable. Give us a call now at 888-996-2273 or visit our website www.nationaltransaction.com Payments Expert for Travel Merchants and more!
Posted in Best Practices for Merchants, EMV EuroPay MasterCard Visa, Near Field Communication, Point of Sale, Travel Agency Agents, Visa MasterCard American Express Tagged with: card, customers, EMV, MasterCard, merchants, nfc, payments, POS, transaction, travel, visa
January 12th, 2016 by Elma Jane
Can we securely store card data for recurring billing?
PCI DSS discourages businesses from storing credit card data, Merchants feel the practice is necessary in order to facilitate recurring payments.
The Payment Card Industry Data Security Standard (PCI DSS) is a proprietary information security standard for organizations that handle branded credit cards from the major card schemes including Visa, MasterCard, American Express, Discover, and JCB.
In order for the electronic storage of cardholder data to be PCI Compliant, appropriate encryption must be applied to the primary account number (PAN). In this situation, the numbers in the electronic file should be encrypted.
All PCI controls would apply to the environment in which the cardholder data is transmitted and stored. Tokenization can be implemented for recurring and/or delayed transactions. Travel Merchants and or Storage Facility could use this feature to help reduce the need for electronically stored cardholder data while still maintaining current business processes.
The best thing you can do for your business is to not store any cardholder data or personally identifiable information.
Tomorrow let’s tackle Encryption and Tokenization a strong combination to protect card data while reducing the cost of compliance!
Posted in Best Practices for Merchants, Credit card Processing, Credit Card Security, Payment Card Industry PCI Security, Travel Agency Agents, Visa MasterCard American Express Tagged with: cardholder data, credit card, data, merchants, payments, Security, tokenization, transactions, travel
December 17th, 2015 by Elma Jane
Mobile Payments – It is bound to see more actions with tech giants Apple, Google and Samsung in mobile payment trends. We will also see new technologies like smartwatches, bracelets and rings that will give us the ability to provide payment options.
NFC – Near Field Communication, another familiar face among the payment trends. NFC, however, goes way beyond making payments using smartphones. These speed up POS payment processing quickly and easily without requiring a PIN or signature. While there are other POS payment methods, such as QR codes, NFC will come out on top. Merchants should ensure they have an overview of the current Point-of-Sale options and should, if needed, upgrade to the latest technology.
Security: Tokenization and biometric authentication will have a strong influence on the payment industry.
Tokenization – when applied to data security, is an extremely interesting method of securing credit card data. As the credit card numbers are substituted by tokens that has no value, then no harm can be done if tokens are stolen, which makes tokenization a secure process.
There are several new inventions when it comes to payment processing authentication such as password, PIN, and fingerprint methods. But they are weak so two-factor authentication is increasingly used to improve security.
Biometrics Authentication – like finger print scan, facial recognition, voice recognition, and pulse recognition are set to become increasingly significant. This will increase both security and convenience.
International E-Commerce – It’s important that merchants offer shoppers their preferred local payment method. Merchants who are looking for e-commerce success will need to create an international strategy. Merchants should also consider checking with their payment service providers. Providers know their way around to alternative payment methods.
Cash on the Retreat – Cashless Society? Some countries in Europe are certainly cutting down on the usage of cash. In Sweden, it is now almost impossible to use cash to pay for bus tickets. Acceptable payment methods include customer cards, credit cards, and payments via smartphone apps. Traditional cash-based bakeries no longer exist and instead, now display signs requesting that customers use cashless payment methods for even the smallest amounts. The situation in Denmark is similar; the government is currently debating whether or not to release smaller retailers from the obligation of having to accept cash as a payment method. Cash is on the retreat, and alternative payment methods are advancing. However, cash is still on the list.
Real-Time Payments (Instant Payments) – The European Central Bank (ECB) will bring instant payments strongly in the near future. Instant or real-time payments are a trend which will be with us for a long time to come.
Regulatory Changes – The first Payment Services Directive (PSD) from 2007 is still currently implemented domestically. After a tough two-year negotiation period, the EU has now, finally, agreed on a second payment services directive (PSD2). The European Banking Authority (EBA) is set to develop more detailed guidelines and regulatory standards for various industries. Payment industries should begin preparing themselves now for implementation, doing this will allow them to be ready for the appropriate steps necessary in 2016/2017.
Posted in Best Practices for Merchants, e-commerce & m-commerce, Near Field Communication, Point of Sale, Travel Agency Agents Tagged with: Apple, biometric, credit card, data security, e-commerce, google, merchants, Mobile Payments, Near Field Communication, nfc, payment industry, payment methods, payment options, payment processing, payment service providers, payment services, payment trends, payments, PIN, point of sale, POS, qr codes, real-time payments, Samsung, tokenization
December 15th, 2015 by Elma Jane
Visa Inc. has launched the Visa Token Service in Asia Pacific, in association with United Overseas Bank (UOB). Store tokens on mobile devices, cloud-based mobile applications, and e-commerce merchants carry less risk of security hack. This security technology will replace sensitive account information to make payments without exposing bank details.
Tokenized cards are linked to customer’s wallet application or mobile and validated by VisaNet. Biometric authentication and device identification features are available through this service. Visa debit or credit cardholders with NFC-enabled Android smarthphones cardholders will be able to make contacless payments.
Posted in Best Practices for Merchants, e-commerce & m-commerce Tagged with: bank, biometric, cardholders, cards, contacless payments, credit, debit, e-commerce, e-commerce merchants, merchants, nfc, payments, token, Tokenized cards, visa