Gemalto (News - Alert), a world leader in digital security, is no stranger to the ever-growing mobile payments space, as evidenced by its work with the Allynis Mobile Payment platform. However, with mobile payments only heating up as time goes on—thanks in large part to major players like Google (News - Alert) and Apple fighting for supremacy—Gemalto continues to lay security groundwork in a space that desperately needs it. In particular, the company has introduced support for new standards from major credit card networks for its SafeNet (News - Alert) Luna Electronic Funds Transfer (EFT) Payment Hardware Security Module (HSM).
The standards are for secure implementations of contactless payments with mobile phones. By offering support for these standards, the SafeNet Luna EFT device can deliver on highly secure cloud tokenization requirements, protecting the processing of payment transactions and digitization of credit card credentials.
With the emergence of new technologies like Host Card Emulation (HCE), along with the growing popularity of mobile payments, major payment providers have introduced new software-based standards to digitize card credentials, enabling secure, device-based payment transactions. The SafeNet Luna EFT Payment HSM utilizes these standards to protect payment data by managing the entire cryptographic process that secure enrollment, provisioning and tokenization of payment credentials, as well as payment operations.
"Given the disruptive nature of being able to use your phone to pay for goods and services, it's important that we recognize the role that security will play in making it a reality," said Todd Moore, vice president of Data Encryption at Gemalto. "For any bank or service provider that wants to offer cloud-based payments they must deploy an HSM, and our SafeNet Luna EFT Payments HSM is certified to deliver the specific functionality required by major payment players."
The SafeNet Luna EFT features the highest level of data protection in the industry, meeting the PCI (News - Alert)-HSM 2.0 standard for physical and logical protection of cryptographic keys used to secure financial transactions. The result is a level of security deeply needed in mobile payments.