![]() ![]() That black stripe on your card holds very sensitive information: your primary account number, your name, the card's expiration date and some other discretionary information. Magstripe payment cards have been around for about 30 years, and they have served us well, but the technology behind them is showing its age. The technology enabled by the smartphone is far more advanced than the technology that reads the account data on a magstripe payment card. The truth is, using a smartphone as a payment device - the payment could actually be credit, debit or a gift card - is much more secure than using a regular plastic credit card with a magnetic stripe (magstripe) on the back, according to Morea. Let's start with the premise that using a smartphone as a "credit card" could be dangerous. First Data is a leading provider of payments processing and serves as a Trusted Service Management (TSM) company in the mobile payments market. To help me with the facts, I consulted with Dom Morea, senior vice president and division manager of Mobile Commerce Solutions, and Bengt Horsma, vice president of Mobile Communications, both with First Data Corporation. ![]() My business has taken me into the mobile payments space, and I feel compelled to respond to these two articles to set the record straight. I think these articles may have left the impression with readers that (1) using a smartphone as a payment device is inherently insecure, and (2) the credit card companies such as American Express, VISA and MasterCard will lose relevance if people no longer use their plastic credit cards as payment devices. (See Smartphones as credit cards: Possibly dangerous, definitely inevitable and AT&T, Verizon Want to Replace Your Credit Cards). Read on to learn why this is true.Ī few weeks ago, Network World ran a couple of articles about using smartphones as devices to transact credit and debit payments. In fact, I say using your smartphone as your credit card is much more secure than using your regular old plastic credit card. One article said this would be "possibly dangerous." I completely disagree with that assumption. A few weeks ago, Network World ran a couple of articles about using smartphones as devices to transact credit and debit payments.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |