by Bank Audi
Two services developed with MasterCard and Visa
Bank Audi launched services that provide e-commerce and mobile commerce security tools, in partnership with MasterCard and Visa.
Randa Bdeir, Group Head of e-Payment Solutions and Card Services at the bank, said that the bank developed two new services, 3D Secure and Tokenization, to protect cardholders and merchants.
She said: “The 3D Secure service is designed to increase the security level of transactions when shopping online, while protecting both the cardholder and the merchant.” The application is expected to boost consumers’ trust, limit conflicts and fraud, and help verify the identity of parties involved in the transaction. Cardholders will use their 3D Secure password for any online transaction, just like they enter their PIN code on ATMs.
Tokenization encodes the transaction by replacing the card’s 16-digit number with a ‘token’ used for transactions made through the Internet, the mobile, or any wireless payment method. This technology protects cardholders by turning their card numbers into token codes every time they make a transaction through Tap2Pay. Tokenization may also be used by merchants who link their sites to the Audi e-Payment gateway. The service simplifies purchases through easy check out, and allows clients to make recurrent payments. “Merchants no longer have to save card numbers on their sites. All they have to do is use a code so that clients don’t have to enter their card numbers every time they want to make a transaction online,” she said.
Reported by Yassmine Alieh
Date Posted: Mar 31, 2016