A hardware security module (HSM) is a tamper-resistant physical computing device that safeguards and manages digital keys, performs encryption and decryption functions for digital signatures, and provides strong authentication and other cryptographic functions. HSM has mature technology, with high availability, scalability, and usability. These modules traditionally come in the [...]
In 2022, we already saw the emergence of payment SaaS, the adoption of Blockchain Technology, and the evolution of Central Bank Digital Currency. We also saw new payment modes like Buy Now Pay Later, Biometric Authentication, and Biometric Payments and an increase in the use of AI and ML [...]
Buy now, pay later (BNPL) is a type of short-term financing provided to consumers to purchase instantly and pay at a future date. The process involves multiple players, such as consumers, financiers, and merchants. The financier carries out a soft credit check on the customer and returns a decision within seconds. Financiers [...]
A token is a value that goes securely through the network to process payments without exposing actual card data. Tokenization aims to replace or represent specific sensitive information without compromising its security. The 16-digit payment card account number is replaced with a unique digital identifier, or the “token,” for mobile [...]
As the name suggests, CBDC is the central bank-issued digital currency. It is an electronic form of sovereign currency that will appear as a liability on a central bank’s balance sheet just like physical currency. Instead of printing money, the central bank, backed by the central government, issues electronic [...]
Scammers exist in all forms of commerce. With the advancement of e-commerce, fraud has taken on new forms and become more powerful than ever before. Fraudsters take full advantage of any loophole in any system. Preventing, detecting, and eliminating fraud is one of the major focus areas of the e-commerce [...]
Digital security has always been an issue for payment organizations and their customers. Transparent and immediate payment is the basic need. To enhance and popularize digital payments and be more customer-focused, payments need to be made easy, fast, and highly secure. Blockchain technology has come up with the solution which [...]
The Need for Digital Payment Applications to be Migrated to the Cloud: Like all other industries, the payment industry is also evolving. The driving factors for the evolution are cost-reduction, convenience, speed, and security. These are the reasons why cloud systems are being considered for digital payment applications as well. The [...]
The digital mode of payment has emerged in the last two years due to the pandemic. The world has seen a spike in digital payment transactions. Payments are now faster, frictionless, contactless, embedded, and transparent. What more will we see in 2022? What can be enhanced further? Better Infrastructure with more [...]
