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Electronic payments no longer cloudy

Electronic payments no longer cloudy 

As electronic payment adoption rises, security and integrity of financial data must be considered, especially since cloud-based payment platforms are among the prime targets of cyber culprits.

To makes things smoother, HP has introduced enhanced support for EMV tokenization and cards, in addition to Europay, MasterCard, Visa (EMV) issuance with its HP Atalla Network Security Processor (NSP).

“Consumers are increasingly adopting mobile-based and other forms of electronic payments, despite the threats to their sensitive payment data,” Albert Biketi, general manager of Atalla and Enterprise Security Products for HP said in a press release.

“Implementing fundamental payment security technologies to advance innovative electronic payment methods is crucial in both managing risk and staying ahead of the growing number of threats.”

According to the results of a recent HP-conducted study, 66 per cent of respondents stated that user authentication is the prime challenge and the reason behind implementing new payment methods.

In response to this challenge, enterprises can make use of technologies such as cryptography, key management, hardware security models (HSMs) and interoperability.

Mobile device payments are the most prevalent electronic method, according to the Security and Compliance Trends in Innovative Electronic Payments Report. Seventy-five per cent of those surveyed indicated that their employers have plans to support payments with a mobile device or phone number.

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