PARTNERSHIP: Visa and Intel to focus on payment security and device authentication
Visa and Intel are to work together to integrate payments security technology into Intel chipsets, enabling device manufacturers to build functionality into their products to create “a more secure payment process for the internet of things (IoT)”.
Intel is licensing Visa’s encryption technology so data security can be built in at the hardware-layer of chipsets, ensuring payment data originating from devices such as computers, mobiles and IoT devices will be encrypted.
The deal — announced at the Money2020 conference in Las Vegas today — will also mean hardware-level data, in the form of a secure device code, can be provided during the 3D Secure authentication process, enabling merchants and issuers to decide if a cardholder is shopping from a recognised payment device and so distinguish between good and bad transactions.
Intel Online Connect will be embedded in the new 7th Gen Intel Core processors and will work with the existing 3D Secure protocol and the upcoming 2.0 version, which EMVCo is expected to release this year.
Mark Nelsen from Visa says the rise of connected devices opened up “new entry points for hackers” and required a “new level of coordination between players in payments, technology and computing”.
Intel’s Rick Echevarria adds: “Intel 7th Gen Intel Core processors make the online shopping experience hassle free and provide security that is built in to the hardware.”