Gemalto, an international digital security company providing software applications, and Worldline, a financial transaction processing company, have built an end-to-end service to allow banks and card issuers to more easily deploy mobile payments wallets with their cards.
Worldline will provide the tokenization to transform the physical card into a digital token. Tokenization substitutes a series of numbers for customers’ actual account information so that when token data is stored, the sensitive information is not exposed. Besides, it will provide identity verification and other issuing-relating services.
Gemalto will provide the credential delivery services that will allow the tokens to be embedded into the mobile wallet using the Allynis Trusted Services Hub.
Apple Pay was launched in July last year, with Juniper Research commenting that “Apple Pay will not only drive, but will also create a ‘halo effect’ for contactless payment in general.”
In addition, Google confirmed last month that Android Pay will hit the UK in the next few months. Google did not provide a specific release date, but confirmed that Android Pay will 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 has teamed up with leading payment platforms, processors and technology providers to make it easier to accept Android Pay.
The news from Gemalto and Worldline came the same week that Barclays and Barclaycard launched Apple Pay for their UK customers. Now Barclaycard and Barclays customers can use Apple Pay, the easy, secure and private way to pay at the hundreds of thousands of locations across the UK that accept contactless payments.
Apple Pay users can now add their Barclays debit card and Barclaycard credit card to Wallet, which will allow them to make payments using Apple products at over 400,000 contactless locations in the UK.
In February, Visa Europe expanded its Visa Europe Payment Tokenization Service – the technology that enables Apple Pay – to enable a far wider range of banks, retailers, and technology firms to integrate tokenization into their services.
A recent study from Juniper Research claimed that the annual transaction value of online, mobile and contactless payments will reach $3.6 trillion this year, a 20 percent increase from $3 trillion in 2015.
Gemalto has recently been chosen by National Commercial Bank (NCB) of Saudi Arabia to migrate its entire portfolio of credit cards to fast, convenient and secure contactless EMV cards.
“We have chosen Gemalto to migrate our entire credit card portfolio based on the trust that has been built by the continuous dedication of their team since 2010,” said Wael Abdulmoty Mohammed Hussain, Head of Credit Cards Consumer Finance Division Retail Banking Group for NCB. “Gemalto is fully supporting NCB’s commitment to introducing the latest solutions that meet the demands of our customers for a more seamless shopping experience.”