Everyone who wants to do online transactions has only one concern: They want to do them safely. MasterCard has now tested new ways to make them more secure. For that, the card company used QR codes and includes them to its PayPass application.
To develop these new functions, the company cooperated with the Dutch bank ING group that tested two ways of securing online transactions in the Netherlands. The purpose of this cooperation is to give online transactions the same level of security as the payment with a credit card in a store.
The first way: the person is doing a transaction by mobile phone and enters a PIN code to authenticate the transaction. The transaction sends an EMV-compliant (Europay, MasterCard,Visa) cryptogram from the mobile phone to the merchant’s payment gateway for processing.
The second way: the person is doing a transaction by computer or tablet, but they do the payment by mobile phone using the QR code that connects the PayPass application with the online shopping card.
Another offer of MasterCard is the PayPass Wallet Services, which has been created for banks and merchants that want to offer mobile payments.
This new procedures developed by MasterCard encourages people to do online shopping and is another great step for e-business.