Money20/20 continues to light up Las Vegas this week as payment experts gather for the industry’s new premier event.
Mobile payments and transaction security continue to dominate the discussions here at Money20/20 along with emerging technologies like biometrics, big data, and wearable gadgets.
As we listen to talks from players across the space – Visa, MasterCard, card issuers, and merchants, one thing is clear: The best and most successful payment technologies keep the consumer at the center of the experience. Consumers are demanding heightened security surrounding their transactions and convenient ways to pay, whether it’s at the checkout counter or on a mobile app.
We asked Philippe Benitez, our own payments guru, what topics have been at the forefront of Money20/20 this week. According to Benitez, “The three words that come up most often are EMV, tokenization, and NFC.”
When asked about the pending impact of tokenization, Benitez points to the importance of tokenization for mobile commerce, saying that “at the intersection of mobile and ecommerce, tokenization secures in-app purchases by using the secure element to generate a dynamic code for each transaction. Developers are then able to incorporate payments into their apps in a secure, seamless, and convenient way for the end-users.”
One huge benefit: This allows the intended service or product of the app to shine as the largest piece of the user experience, while the payments piece of the app works seamlessly in the background.
Listen to Benitez’s full commentary about EMV, tokenization, and NFC:
Stay tuned for more from the show floor, and follow us @Gemalto_NA for live updates from the Gemalto Lounge at Money20/20.