With more consumers spending more and more money on the internet, Inter and MasterCard have forged a partnership that is contracted to span several years in order to provide better online payment security.
“Our goal is to enable users of Ultrabook devices and future generations of Intel-based PCs to enjoy the convenience of e-commerce while making online payments safer from malware and hackers with the advanced security capabilities of Intel Identity Protection Technology,” explained the general manager of Intel`s PC Client Services division George Thangadurai, according to The Wall Street Journal.
To start, MasterCard and Intel will prioritize embedding Intel devices with security verification, with the end goal being a reduction in the amount of steps necessary for a consumer to complete a transaction. Ed McLaughlin, the chief emerging payments officer at MasterCard remarked in an interview that, in terms of payment transactions, the less input that is required of the consumer, the better sakes are fir the merchant.
Even when faced with potential fraud, consumers seem to prefer convenience when conducting payment transactions online rather than undergoing extra steps for additional security, which is why many merchants have been reluctant to implement new security measures.
According to data released by the independent market and technology research firm Forrester Research, internet retail sales within the United States hit $176.2 billion last year in 2010. That number is anticipated to increase to $278.9 billion by 2015.
Ultimately, the conjoining of Intel with MasterCard’s PayPass tap to pay technology could result in MasterCard customers being able to complete payment transactions by tapping a credit card or smartphone that is PayPass enabled against an Inter-based computer such as an Ultrabook.
Visa is also exploring “click to buy” online payment options that provide consumers with security and simplicity.
“Our top priority is making the act of purchasing online or on a mobile device as convenient as when you use your plastic card,” said Joseph Saunders, the chairman and chief executive of Visa, according to The Wall Street Journal.
American Express is also pursuing similar technological developments. AMEX has allocated $100 million to be invested in digital commerce start-ups.