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November 14, 2014
Webcast: 'Digital train' moving fast, MasterCard's Ramirez says
MasterCard Vice President of Emerging Payments Rita Ramirez spoke about mobile commerce, security, digital wallets and the opportunities presented by Apple Pay during a free NAFCU webcast Friday.
Ramirez laid out the basics of mobile commerce and the different opportunities it offers consumers and financial institutions, as well as the potential risks. She began by discussing "the Internet of things" – and how more and more devices, such as televisions and cars, are connecting to the Internet.
"The exciting part is that there is much, much more room for every device to be a commerce device," Ramirez said. "It's an opportunity to create far more security than a simple piece of plastic with a static number that can be easily replicated." To the question of how fast should a financial institution move, she said sooner rather than later. The "digital train" is moving quickly, she said.
Ramirez explained how MasterCard partnered with Apple in the development of Apple Pay. She discussed how users can avoid keeping a credit card on file with apps, such as Uber, by simply pressing the appropriate button on their iPhone and approving a transaction that way; this avoids the risk of having the card's digits in a company's system. Apple Pay uses near-field communication and biometrics through Touch ID to validate and complete transactions. Ramirez explained that Apple Pay functions as a token – which represents the 16-digit card number.
Ramirez also emphasized the need for a security strategy – suggesting that credit unions consider a three-pronged strategy taking into account the risks presented by online threats, point-of-sale threats and mobile threats.
Ramirez said credit union members stay at their institutions because of "a long, trusted relationship," and she said that is an advantage for credit unions as they make the shift toward developing a digital strategy.
The webcast will remain available through NAFCU's Online Training Center for one year.
Ramirez laid out the basics of mobile commerce and the different opportunities it offers consumers and financial institutions, as well as the potential risks. She began by discussing "the Internet of things" – and how more and more devices, such as televisions and cars, are connecting to the Internet.
"The exciting part is that there is much, much more room for every device to be a commerce device," Ramirez said. "It's an opportunity to create far more security than a simple piece of plastic with a static number that can be easily replicated." To the question of how fast should a financial institution move, she said sooner rather than later. The "digital train" is moving quickly, she said.
Ramirez explained how MasterCard partnered with Apple in the development of Apple Pay. She discussed how users can avoid keeping a credit card on file with apps, such as Uber, by simply pressing the appropriate button on their iPhone and approving a transaction that way; this avoids the risk of having the card's digits in a company's system. Apple Pay uses near-field communication and biometrics through Touch ID to validate and complete transactions. Ramirez explained that Apple Pay functions as a token – which represents the 16-digit card number.
Ramirez also emphasized the need for a security strategy – suggesting that credit unions consider a three-pronged strategy taking into account the risks presented by online threats, point-of-sale threats and mobile threats.
Ramirez said credit union members stay at their institutions because of "a long, trusted relationship," and she said that is an advantage for credit unions as they make the shift toward developing a digital strategy.
The webcast will remain available through NAFCU's Online Training Center for one year.
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