Mobile Payment Software: Secure and Convenient Payment Platform. Mobile payment technology allows consumers to use their smartphones to complete payment transactions. This is made possible by the use of near-field communications (NFC) and/or quick response (QR) codes. To make payments using NFC hardware, at the point of sale (POS), users touch their phone to a NFC device, and the phone sends secured payment information to the vendor to complete the sale. This hardware based technology requires both the consumer and the merchant to have NFC enabled devices. The primary security platform that mobile payments are based on is the tokenization of payment data. Tokenization is the process of replacing sensitive payment information, such as names, primary account numbers (PAN), and expiration dates, with a unique identifying code generated at random. Tokenization is used by credit and debit card payment processors to intercept card data at the POS, and replace it with a randomly generated code, before it goes through the appropriate gateways.
Payments made through mobile devices are a definitive improvement on the security of account information, and the way we use them to make payments. Applications that facilitate mobile payments are a convenient way to store and use all of the financial accounts at your disposal. They allow the user to securely cache all debit, credit, and merchant specific cards on one device. Having a mobile payments application eliminates the need to carry cash or multiple plastic cards.
Chetu’s Finance team implements solutions for the Finance Industry. Chetu has delivered innovative software solutions that power the products and services used by hundreds of leading companies, plus thousands of their customers. Chetu differentiates itself in providing industry specific expertise combined with its low cost, high productivity model. You can find more information about the portfolio of our Finance experience at: www.chetu.com/financial-it-services.php