Intel and MasterCard are to join forces to improve security for online payments.
The project will combine MasterCard’s expertise in payment processing and commerce with Intel’s chip-based security technology, according to reports.
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Specifically, the project will focus on MasterCard’s PayPass payment method that uses near-field communications (NFC) technology and Intel’s chip-based Identity Protection Technology (IPT).
Intel’s IPT enables two-factor authentication, adding a six-digit passcode that changes every 30 seconds to the traditional username and password authentication method.
Intel said IPT provides an additional layer of security that links a device with an online account or financial asset, decreasing the ability of thieves to access account information from a non-associated device.
Intel IPT-enabled card readers will enable users to pay for online purchases with a simple tap of their PayPass-enabled card, tag, or smartphone on any device using an IPT-enabled Intel processor, according to Techcrunch.
MasterCard’s collaboration with Intel aims to enhance security using IPT technology and speed checkout using NFC technology.
The companies say the partnership is about making the payments process more secure without having to change the experience of consumers.
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