Last week, Rambus confirmed that Bell ID would be supporting the integration of Google Pay for international issuing banks, payment schemes and processors. Today, we’d like to take a closer look at Google Pay for the benefit of our readers.
Launched in September 2015, Google Pay can perhaps best be described as a mobile payment solution that offers consumers a simple and secure way of buying items with their Android-based devices.
More specifically, Google Pay utilizes near field communication (NFC) technology, allowing users to pay for goods with a simple tap in the store. In addition, Google Pay enables users to easily make payments in select Android apps – without having to input personal information.
On the banking side, integration with Google pay represents a significant opportunity for financial institutions to maintain and expand their customer base. To be sure, seven out of ten Android devices already support Google pay, with the number of compatible devices expected to steadily increase with regular software updates and new device launches.
As a recent Bell ID blog post notes, consumers want to use mobile payments and are more than willing to “move around” to access the latest payments technology. Indeed, 44% of UK consumers are reportedly prepared to switch bank accounts – if their current bank does not offer mobile payments.
“Integrating with Google Pay, therefore, is [an obvious answer] for banks looking to show the market that they are up-to-speed with the latest technology by providing a large portion of their customer base with a mobile payments service,” writes Bell ID’s André Stoorvogel.
As we’ve previously discussed on Rambus Press, Bell ID’s TSP technology will secure Google Pay transactions via tokenization – which protects payment credentials by replacing them with a randomly generated number that resembles the customer’s primary account number (PAN). This unique identifier, known as a ‘payment token’ or ‘tokenized PAN’, is worthless if stolen, as it essentially acts as a reference for a consumer’s original card data which only the card networks and/or the consumer’s bank can map back to the original account.
Bell ID offers one software platform for issuing banks, processors and payment schemes to support mobile NFC payments. EMV card credentials can be loaded and managed on a mobile device or in the cloud, using host card emulation (HCE). This solution is backed by a comprehensive EMVCo tokenization module that removes vulnerable card data from the payment network.
Interested in learning more? Click the button below to read about Token Service Provider and Google Pay integration.