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UniPayGateway

November 3, 2016
Written by
James Davis
Written by James Davis
Senior Technical Writer at United Thinkers

Author of the Paylosophy blog, a veteran writer, and a stock analyst with extensive knowledge and experience in the financial services industry that allows me to cover the latest payment industry news, developments, and insights.

My works have been cited across media and payment blogs. I do my best to help businesses make the most efficient financial decisions that can positively and significantly improve their business growth.

Whether you are a seasoned investor or just starting out in the world of payments, my writing is designed to be accessible to everyone and help people navigate the complex world of payments. So if you want to stay up-to-date on the latest trends and insights in the payment industry, be sure to check out Paylosophy and my published works.

Reviewed by
Kathrine Pensatori
Product Specialist at United Thinkers

Product specialist with more than 10 years of experience in the Payment Processing Industry. I help payment facilitators and PSPs solve their various payment processing issues. On a regular basis, I work with a team of knowledgeable technical people in the space, and I am passionate about finding creative solutions to the challenges presented by the Payments Industry.

I would be happy to help with any questions you might have regarding credit card payment processing, merchant services, EMV certifications, the various ways of becoming a payment facilitator or a payment platform, as well as any other Payment Industry related issues you might be struggling with. Feel free to follow me on Quora, and don’t hesitate to send me links to the specific Quora questions you would like me to answer.

Mobile Payment Risks: how can you manage them?

Your company owes it to your customers to do what’s right. That means you must do what you can to manage mobile payment risks. In fact, there is always some risk when data transmission occurs. However, things like tokenization and encryption can significantly reduce this risk. What else should your company be concerned about?

Survey Highlights Vulnerabilities

A 2015 survey of experts in cybersecurity shows serious problems related to EMV mobile payments and in-store mobile payments. 47 percent of 900+ cybersecurity professionals said there are security issues with mobile payments.

The study from ISACA does not indicate any slowdown in the adoption or popularity of mobile payments for consumers, however.

Control What You Can

No doubt, that merchants can’t control most of the biggest threats to mobile payments. They include consumer data transmission using public wifi, stolen or lost devices, phishing, and similar attacks, weak passwords, and user error.

Tokenization and host card emulation are among the ways that merchants can play a role in securing mobile payments. With tokenization, a token, non-sensitive data element acts as a substitute for sensitive data elements.

The host card emulation or HCE technology allows storing transaction credentials and information in the cloud. This is the system that Android Pay and some other mobile payment services use for their mobile payment transactions.

To summarize, a feature-rich robust payment gateway built-in with mobile payment security is the most appropriate solution for every business. The UniPay payment gateway from United Thinkers is designed in the mobile age, so mobile payment security isn’t an afterthought. Contact us to learn more about the UniPay gateway and whether it could be right for you.

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