Intel and credit card giant MasterCard are announcing a multi-year strategic partnership this evening, which aims to provide a more secure and simple way for consumers to pay for products online.
The two companies will be working to combine MasterCard’s expertise in payment processing and commerce with Intel’s strengths in chip-based security. So how are these two companies joining forces? Details are still being disclosed, but MasterCard and Intel are working on providing a safer and simpler checkout process for online merchants and consumers using Intel’s Ultrabook devices and future generations of Intel-based PCs.
Another area where Intel and MasterCard will be working together is in the area of emerging payments technologies, including MasterCard’s PayPass and Intel’s Identity Protection Technology. PayPass is a payment method that lets you make purchases without having to swipe the magnetic strip on your card or provide your signature. The technology uses NFC to to transmit information.
Intel’s Identity Protection Technology can allow consumers to use two-factor authentication and hardware-based display protection, which provides increased online security against malware. Additionally, when used with an Intel IPT-enabled reader, consumers will be able to pay for online purchases with a simple tap of their PayPass-enabled card, tag, or smart phone on an Ultrabook device.
“MasterCard is constantly working to improve the shopping experience for consumers and merchants,” said Ed McLaughlin, chief emerging payments officer, MasterCard. “The collaboration with Intel will deliver enhanced security and faster checkout – with the convenience of a simple click or tap.”
McLaughlin adds that this is a starting point for the two companies and there are future collaborations to come. “This partnership is about how to make the payments process more secure without having to change the experience of consumer,” he explains.