General Structure Of The Token Based Mobile Pay

12. _________________ is a technology that allows cardholders to make purchases with a single click from their mobile devices.

The materials involved in this study include my One Plus One phone alarm, a pen, paper, star stickers, my laptop, a subscription to Netflix, and movie tickets.

Payment processing has become more universal. Each transaction, whether it's in-store, eCommerce or mobile, needs to deliver a seamless integrated buying experience at any time of the day and on any device being used.

A new type of credit card is starting to become more familiar in the Unites States, called a chip-and-PIN card. The chip-and-PIN cards contain an embedded security chip and a traditional magstripe. This embedded security chip ensures that the card cannot be duplicated, as it masks the payment data uniquely each transaction. The problem with this alternative is that they cost significantly more to make than traditional payment cards and most merchants do not have systems that are capable of accepting the new chip-and-PIN cards. However, in October of 2015 if you have not changed your systems to support chip-and-PIN cards, the liability of the data breach now falls on the merchant, rather than the banks.

The 3rd party company validates the user as either the cardholder or not without accessing any additional or identifying information. This type of process enforces security to the user while at the same time maintaining their privacy.

Point to Point Encryption: P2P encryption gives encryption at the purpose of swipe when utilizing your credit or charge card. In the utilization instance of debit cards, it even encodes your 4-digit PIN code you enter. The greater part of this is done before the information achieves memory, which keeps information from being caught in memory. The gadget that is utilized for swiping the Visa is infused with a determined one of a kind key for each exchange. This is utilized for the installment card encryption and isn't a similar key utilized for the PIN encryption when utilizing a debit card. When you swipe your card, the credit card information is scrambled inside an alter safe security module with the credit card industry standard 3DES calculation, utilizing the inferred unique key for the exchange (TSYS, 2014). That encoded information is then sent safely to an off-site equipment security module possessed by the POS arrangement supplier, where the credit card information is decripted (Knopp, 2013). The decoded card information is then encoded again utilizing the bank's encryption key and sent to the bank where the information is decripted once

Until U.S. card issuers adapt data-encrypted microchips—which have been used in Europe and other parts of the world for years—our debit cards are at peril. You’re starting to see the chips on some credit cards but in the meantime, the world’s hackers know we that still use those magnetic stripe cards, and so they focus their thievery efforts here. No matter America’s status as the birthplace of the iPhone and the cradle of high-tech: When it comes to our debit

Apple Pay connects to credit card terminals using near field communication. In order for near field communication to work, both devices must contain a near field communication enabled chip which allows data to be wirelessly transferred between devices. There are two methods of near field communication. The first is two way communication in which data is exchanged between devices in which near field communication chips are installed. The second is one way communication in which data is only modified on only one of the devices. Apple Pay uses one way communication because it utilizes the sensors on credit card terminals, which modify the data on the near field communication chip located in the iPhone6 or Apple Watch. Near field communication enabled devices, like the name suggests, can only communicate with devices that are very close to them and are no more than a

Apple Pay was released with Apple Watch in the same day. With the launch of Apple Pay it can be said that Apple set a benchmark for the industry. Safe, fast and reliable is the basic requirement of mobile payment, the launch of Apple Pay which is based on the Apple company’s reputation and Apple’s integration advantages on hardware and software. So Apple pay were getting a lot of support from Walgreens, Mcdonald’s, Macy’s, Whole Foods and others at early time. 2 million BOA and Chase Bank customers use Apple Pay. Apple pay

Tap your phone to pay and redeem offers, using NFC (near-field communication). NFC payments are currently only available in the United States.

Apple Pay is a way for Apple users to pay for something with just the wave of their device. According to Joshua Brustein in his article “Apple Pay is Too Anonymous for Some Retailers”, “Apple Pay works with iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus, iPhone SE and Apple Watch”. (Brustein). It “uses NFC, or near-field communication, technology that enables users of iPhone 6 models to make payments at stores that have upgraded to accept the system” (Krey). Reinhardt Krause states in his article, “IPhone Tap-To-Pay

Before credit and debit cards were developed, merchants would issue a line of credit to customers who did not have the funds to purchase their items. This credit processed involved using a ledger to record the amount owed for the items purchased. In today’s vastly growing economy, credit and debit card use plays an ever-present role in society. “Credit and debit card acceptance enables merchants to sell goods and services to customers who increasingly choose electronic forms of payment over other payment types” (“Payments 101”, 2010). Everything from purchasing house hold items such as grocery’s and furniture, to minimal tasks such as paying for parking for an hour, credit and debit cards provide people with more freedom when it comes to having access to funds and making purchases. Along with the rise of credit and debit cards, in a computerized and technological world where information is valuable, securing credit card information has its challenges. Validation and encryption are important practices that ensure the security of debit and credit cards, and they play a key role in providing the customer with assurance that their funds and bank information is confidential and secure. This paper will begin by explaining how credit and debit transactions take place and will go into further detail about the security, validation, and encryption processes that take place throughout the transaction. For the purpose of this paper the term credit cards will refer to both credit and

Both online payment services offer both card readers that will work with mobile devices such as a smartphone or tablet, or you can login with an Internet connection and punch in the person's information manually.

For this method,the user’s database must be fed into the template database of the bank. As soon as the card is swiped,the biometric sensor receives the data of the user by scanning the fingerprint or retina and checks for a match in its database. The transaction can be successful only if the match exists,that is only if the identity of the person is stored in the bank template database. In case the scanned result does not match with any of the existing database ,then the system should generate a message that can be sent to the registered mobile and the auxiliary mobile number, thus making the user aware in case of any discrepancies. Along with the biometric scanned data,the user must answer a question in order to make the transaction successful,just to be on the safer side.

First is mobile at the point of sale, which is also known as a mobile wallet. With this system, a user adds money to their virtual wallet from their credit card and then taps their mobile device at the point of sale using Near Field Communication (NFC) technology (1).