MasterCard,
the biggest Credit Card based company, concerned about the security on
Smartphone, with hacks, Stolen Credit Card, identity theft so with such Frauds
most of the companies looking for the better security options. Master Card announced
on this Monday that they will partnered with the Mobile technology firm
Syniverse to provide more security for people, who take all transaction on their
phone. Firm this move is bit different because they will the users geo
location, when the user is on the move. The concept is a credit card can too be
used unless it is within in the range of user’s phone. For example, if user is
in California and Card is swiped in Canada, the transaction will not be
performed. It happens much time when user uses their card in other countries
without telling bank about their traveling. The Geo Location feature will be helpful
in this case.
Hany Fam MasterCardpresident of Global Strategic Alliances said “This collaboration of two global technology leaders opens up a whole new range of possibilities for end users, ensuring a seamless payment and mobile experience. By leveraging the speed and intelligence of our global network and combining it with Geo location solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world. With nearly 2 billion MasterCard cards in circulation, the world’s most advanced payments technology company is processing 65,000 transactions every minute, while Syniverse currently reaches more than 5 billion mobile devices globally via 1,000 mobile service providers.”
MasterCard collaborated with Syniverse to Make Phone wallets, which is a evolving technology from past few years. As enterprises know
that Smartphone’s are future so they want to offer user to pay for purchased
item from their android phone or iPhone only. Last year three major firms
MasterCard, Visa and American Express had partnered to develop a digital Payment
system by which they can increase the security using token method.
No comments:
Post a Comment