Worldline and Gemalto Launch a New Mobile Payment Solution
FREMONT, CA: Worldline and Gemalto have both launched an end-to-end mobile payment solution enabling banks and card issuers to seamlessly deploy mobile payment wallets with their cards.
The financial transaction processing company, Worldline will provide the digital token, which is a transformed phase of a physical card, and is equivalent to the cash produced by the banks. The tokenization assures secure transactions as it replaces a series of numbers for customers’ account information. It further prevents unnecessary exposure while storing the token data. Worldline will also provide additional identity verification and other issuing-related services.
Gemalto, an international digital security software applications provider, on the other hand will provide services related to embedding digital token into the digital wallet. The company uses Allynis Trusted Services Hub to implement the credential delivery services.
The increasing volume of cashless transactions, smart phone demand and growing technological advancements are exponentially driving the growth of NFC market. As such, today, there is a strong demand for multi-tasking electronics devices across the world; companies are engaged in incorporating NFC technology in their mobile phones and tablets to deliver a single solution to their customers.
Likewise, many multinational corporations have set foot on the mobile wallet industry with Apple launching Apple Pay last year and the Google confirming its Android Pay to hit the U.K. market in the next few months. Android pay would support MasterCard and Visa credit and debit cards from major financial institutions including Bank of Scotland, First Direct, Halifax, HSBC, Lloyds Bank, M&S Bank, MBNA and Nationwide Building Society. Google also plans to partner with major payment platforms, processors and technology providers to facilitate Android pay. Adding to the pile, Barclaycard and Barclays customers can now use Apple Pay to harness contactless payments. Visa Europe has also expanded its Visa Europe Payment Tokenization Service enabling Apple Pay to integrate tokenization services with wider range of banks, retailers, and technology firms. Meanwhile, Samsung Pay was launched in South Korea and in the U.S. last year. Samsung is planning to launch the services in the UK this year.
However, with Worldline and Gemalto working together, they will continue to actively contribute to a faster deployment of mobile payments with a bank-centric solution.