Authentication & Security

HP says Let’s Talk Payments

MEDICI

HP is looking forward to improving the safety and security of transactions made using mobile devices. The company has upgraded Atalla security software to support NFC payment methods. The software already helps merchants process financial data through HP’s Network Security Processor (NSP). With the current upgradation, it can now support payment methods like Apple Pay and other methods like Visa cloud based payments.

The new upgrade will help of the mobile devices which do not have in-built security elements but are able to make mobile payments. With the new upgradations, HP is extending support for EMV payments which basically involves the use of chip and PIN method as witnessed in numerous credit and debit card transactions. To support EMV payments, HP has partnered with Cryptomathic. Cryptomathic is a security solutions provider and will use both HP Atalla and NSP as hardware security module to protect EMV card data.

The upgraded software would basically provide secure cloud-based payments for mobile devices without the need for a built-in secure element. Consumers are increasingly adopting mobile payment methods despite threats to sensitive payment data. Enhanced cloud-based security measure would help ease the risks involved. HP Atalla would also support payments processed securely over NFC through mobile applications.

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HP also released a report entitled “The Security & Compliance Trends in Innovative Electronic Payments Report”. The report tackles the problems that exist in the electronics payments space. The report includes findings from surveys conducted across people in IT operations, security and electronic deployment sectors. Some key highlights from the report are:

  • 66% of the respondents cited user authentication as a key challenge in implementing new payment methods.
  • 38% of respondents cited that consumers will be reluctant to use new payment methods because of privacy concerns.
  • 75% of respondents cite that their organisations plan to support mobile payments followed by stored value cards.
  • 43% of respondents cited that their organisations plan to incorporate e-currencies like Bitcoin.

This clearly indicates that electronic payment methods are on the rise, especially mobile payments. Hence there is rising need to address the security and integrity of sensitive financial data. To deal with this, organisations can look forward to technologies like cryptography, key management, hardware security models and interoperability. Industry standards must also play a key role in securing emerging electronic payment capabilities.

To answer the main question, HP would indeed foray into the mobile payments space with its security measures. HP would certainly poised to take leadership in providing security services to mobile payment service providers.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

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