Sunday, 22 February 2015

Convego CloudPay Secures Mobile Payment Transactions

Mobile and digital channels can no longer be ignored by businesses, and that includes the financial sector. Smartphones and other mobile devices have changed the way people shop, communicate and pay. As the number of sensitive data-based transactions increases, the need for secure and trustworthy communication is more crucial than ever. In response, Giesecke & Devrient (G&D) is launching Convego® CloudPay, a mobile cloud payment service compliant with the specifications of the major international payment schemes, at Mobile World Congress 2015 in Barcelona. A live demo of the solution is planned for the exhibition in hall 7 at stand 7A41.

The solution comprises two main components: the CloudPay Server for mobile card provisioning and life cycle management, and the CloudPay Client software, which includes digitalized payment cards and also executes payment transactions. Convego CloudPay supports payment schemes such as MasterCard, Visa and Amex. For banks, the solution also includes managed services in payment scheme-certified data centers operated by G&D.

To enroll for cloud-based payments, consumers download the mobile app offered by their bank from mobile app stores such as Google Play. Once enrolled for a digitalized payment card, they receive their payment card over-the-air from the CloudPay Server and can start using it on the phone app at various merchant locations which support contactless transactions. This is a convenient and easy way to pay in a connected and mobile society.

Combined with a trusted mobile app Convego CloudPay allows banks to offer consumers appealing mobile payment solutions and a broad range of other mobile financial services under the bank’s brand. Edgar Salib, Group Senior Vice President and head of the division Financial Institutions at G&D, explains: “G&D is proud and happy to accompany banks into the digital age and support them with contemporary solutions.” The solution is an opportunity for banks to offer new and better services by answering the need to make mobile interactions secure. The bank is able to interact directly with customers since G&D delivers system-wide security while leaving the design and marketing to the bank.