TSYS (NYSE: TSS) announced today it will help support secure transactions and facilitate enablement for issuers in processing transactions from Apple Pay, the easy, secure and private way to pay, when it launches in the U.K. next month.
Through TSYS Enterprise TokenizationSM, the company’s plug-and-play tokenization solution, issuers as well as retailers can take full advantage of Apple Pay. Payment card information will be more secure for purchases made with Apple Pay online in apps and via NFC enabled POS terminals. Security and privacy is at the core of Apple Pay.
When a credit or debit card is added to Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on the consumer’s mobile device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of the payment card.
TSYS’ solutions support Apple Pay, the multiple parties in the payments ecosystem and the consumers they serve. Bank card issuers and consumers will all benefit from TSYS’ solutions that support secure payments and commerce. The adoption of digital payments is on the rise. In the U.K. alone, mobile payments are projected to rise to £53.6 billion ($70.61B) in the next ten years, and 75 percent of the U.K. population is expected to have a smartphone by 20191.
“TSYS’ support of Apple Pay is a landmark opportunity for us and demonstrates our peoplecentered approach to payments for all parties in the payments ecosystem,” said M. Troy Woods, chairman, president and chief executive officer, TSYS. “Our number one priority is security for the banks and retailers we serve, so their customers can conduct their lives with confidence and convenience. Apple Pay will change the face of the mobile payments industry and our role in the digital marketplace.”