Nov 08

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Is Your Wallet a Thing of the Past?

Author: hannah
POSTED AT 10:11 AM
Categories:
Technology, Design, Marketing, Project Launch

Apple pay sets a new benchmark for mobile payments, however, they are not alone.  according to Mashable, MasterCard has been a pioneer of mobile commerce innovation for years, including the world’s first contact-less and mobile payment solutions. Apple Pay turned to MasterCard to help ensure high quality mobile transactions. Earlier in 2005, Mastercard used Near Field Communication technology to turn almost anything into an instant and secure form of payment, meaning your smartphone, bracelet or watch could soon replace your wallet. These new methods of payment, enable consumers to spend more than they regularly would with traditional payment methods. Mastercard, has been working to promote and distribute these new methods of payment and further expand these technologies promoting them to be faster, more secure and convenient. Some may be worried about the security of using contact-less payment methods, but master card ensures heightened security through 3 layers of tokenization, EMV cryptology, and biometrics meaning respectively a special number assignment which prevents hackers from stealing your card information, creating a one time transaction number, and is thumb print or passcode secure.  Wallets might be a thing of the past, while reliance on smart phones and technology is predicted to expand and grow.

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