Skip to main content
  • Feature Story

UL Solutions Helps Build Customer Trust with Payment Security

While consumers focus on smooth, secure contactless and mobile payment options, UL Solutions can help businesses protect customers with a variety of payment security services.

Close-up of man using smart watch to pay in a restaurant.

November 22, 2022

Consumers are understandably concerned with the risks and vulnerabilities of making purchases digitally, especially as holiday sales and shopping have already begun. UL Solutions serves the entire smart payment ecosystem — from small merchants and large retailers to card manufacturers and mobile networks — with the expertise, insights and capabilities to assess and help mitigate risks for businesses and, in turn, consumers. Whether it’s a financial institution working with retail chains or a mobile payment provider for small businesses, it’s essential to provide peace of mind that customers’ money, information and accounts are protected.

“When it comes to e-commerce, consumers are becoming more and more security-focused, but they also want a simple, fast online experience,” Kevin Emery, sales director of the Identity Management and Security group of UL Solutions, said. “With this in mind, retailers need to offer multiple options for consumers to choose from to help provide a secure, frictionless experience online. This could include multiple pay buttons, Click to Pay (a one-click checkout option), and 3-D Secure 2.0 (which allows merchants to securely transmit detailed transaction information to issuing banks, confirming the customer’s identity through the bank’s fraud detection tools).”

At globally accredited cybersecurity laboratories, UL Solutions can test and certify financial transaction equipment, application integration and value chain processes to current payment processing schemes and the related standards and regulations. Experts can work on-site or remotely to conduct initial gap analysis and vulnerability assessments. We can also help companies navigate complex and frequently updated technical and regulatory requirements that come with the increasing availability of contactless and mobile payment options.

Our payment security and technology capabilities include:

  • Mobile payment security Provide guidance and testing for applications, mobile devices (card issuance and mobile payment acceptance), embedded SIMs and subscription managers in the machine-to-machine (MTM), Internet of Things (IoT) and consumer domains.
  • Card manufacturer payment security  Help card manufacturers navigate security and compliance requirements through implementation planning, testing and certification services across product development phases.
  • IoT device payment security  Improve the security of IoT devices and systems and their security governance with our full suite of cybersecurity solutions.
  • Merchant payment  Provide security offerings for retailers building and/or expanding payment acceptance while maintaining a seamless customer experience.
  • Terminal payment security  Provide services to help bring interoperable, reliable, secure terminal payment devices (point-of-sale and mobile) into the market.
  • Brand and scheme payment security Assist the payments industry in mitigating risks and meeting related requirements while leveraging new technologies and industry trends.
  • Acquiring and issuing banks payment security  Help acquiring and issuing banks grow merchant accounts and transaction volume. We can also assist with new payment technologies and navigating technical and regulatory requirements.

“Retailers, acquirers, banks and service providers are governed by secure payment drivers, such as Payment Scheme Standards, EMVCo and Payment Card Industry Security Standards Council (PCI SSC), in mature and emerging payments technologies,” Dean Zwarts, business manager of Identity Management and Security at UL Solutions, said.

“As e-commerce and point-of-sale (POS) are evolving, there is significant momentum toward digitization through e-commerce (3DS), mobile payments (acceptance and issuance), and enhanced authentications such as multi-factor authentication (biometrics) with greater security governance,” Zwarts said. “These trends and capabilities will continue to advance to enable more secure and trusted payment transactions.”

Whether making purchases on their phone, laptop or smartwatch or using a debit card at a restaurant, customers should have confidence in the safety and security of payment transactions. We can help businesses protect customers with current technology and stay on top of future advances. Contact us to learn more about payment security services from UL Solutions.