Mobile payments are expected to grow 2x to 3x per year, reaching more than $670 billion by 2015 (Juniper Research). As more and more transactions originate from mobile phones and other wireless sources, new security issues and risks emerge.
UL is working with the world’s largest banks, financial institutions, credit card issuers and standards agencies to play a role in facilitating the adoption of security standards and other safety measures like chip and PIN features, which replaces magnetic stripes with dynamic encryption technology to decrease fraud risks.
UL transaction security is advancing into new and important areas to better enable safe, efficient and seamless delivery. For mobile payments and chip and PIN technologies, UL is innovating new techniques and tests to provide greater reliability, security and interoperability.
UL is a global provider of end-to-end transaction security, interoperability and conformance evaluation and advisory services for the mobile, payment card, eTicketing and ID management sectors, with leading industry experts located across the United States, Europe and Asia Pacific. We are available to discuss the latest topics and trends, including how transaction security is advancing along with the rapid pace of product innovation in this area.