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CardFlight partners with BluePay (V)

Published by Business Insider on Wed, 17 Aug 2016

This story was delivered to BI Intelligence "Payments Briefing" subscribers. To learn more and subscribe, please click here.Payments firm CardFlight will partner with U.S. processor BluePay to offer BluePay merchants EMV-enabled mobile point-of-sale (mPOS) readers.CardFlight will provide BluePays merchants with an out-of-the-box solution that will allow interested retailers the ability to quickly begin accepting chip cards and reaping the associated fraud benefits.Its likely that interest in terminal upgrades is growing among BluePay merchants as more consumers receive chip cards. The number of consumers with chip cards is growing quickly58% of Visa-branded US credit cards and 37% of debit cards have chips, up from 43% and 21% in December 2015. As a result, smaller merchantsa key demographic for mPOS firmsthat had previously been hesitant to upgrade to EMV-enabled devices might become more willing to do so.Thats because as more chip cards reach consumers hands, the likelihood that a transaction will be processed as chip-on-chip will rise. As such, the fraud benefits that chip-on-chip transactions bringVisa merchants that take chip cards reported a 35% year-over-year (YoY) decrease in fraudfeel more attainable, which could push merchants to upgrade.This could help CardFlight grow:The partnership will expand CardFlights merchant base. BluePay serves over 42,000 businesses and processes $11 billion in total payment volume annually, according to the firm. Bringing some of these merchants into the CardFlight ecosystem will grow the volume processed through CardFlights readers, which could give the firm some additional fee revenue. In addition, merchants view EMV as a premium that theyre willing to pay for, CardFlight CEO Derek Webster told BI Intelligence, which means that selling the readers to BluePay to distribute to its merchants could help gain the firms hardware segment as well.The firm could benefit from BluePays omnichannel business. BluePay processes in-store, online, and mobile transaction. As more merchants go omnichannel, its becoming common for software providers to move into the hardware space so that their digital merchants can sell in-store. Partnering to attract this group could give CardFlight a good entry into the digital space through which it can sell its other services.Fraud cost U.S. retailers approximately $32 billion in 2014, up from $23 billion just one year earlier.To solve the card fraud problem across in-store, online, and mobile payments, payment companies and merchants are implementing new payment protocols that could finally help mitigate fraud.John Heggestuen, senior research analyst for BI Intelligence, Business Insider's premium research service, has compiled a detailed report on payment security that looks at how the dynamics of fraud are shifting across in-store and online channels and explains the top new types of security that are gaining traction across each of these channels, including on Apple Pay.Here are some of the key takeaways from the report:EMV cards are being rolled out with an embedded microchip for added security. The microchip carries out real-time risk assessments on a person's card purchase activity based on the card user's profile. The chip also generates dynamic cryptograms when the card is inserted into a payment terminal. Because these cryptograms change with every purchase, it makes it difficult for fraudsters to make counterfeit cards that can be used for in-store transactions.To bolster security throughout the payments chain encryption of payments data is being widely implemented. Encryption degrades valuable data by using an algorithm to translate card numbers into new values. This makes it difficult for fraudsters to harvest the payments data for use in future transactions.Point-to-point encryption is the most tightly defined form of payments encryption. In this scheme, sensitive payment data is encrypted from the point of capture at the payments terminal all the way through to the gateway or acquirer. This makes it much more difficult for fraudsters to harvest usable data from transactions in stores and online.Tokenization increases the security of transactions made online and in stores. Tokenization schemes assign a random value to payment data, making it effectively impossible for hackers to access the sensitive data from the token itself. Tokens are often "multiuse," meaning merchants don't have to force consumers to re-enter their payment details. Apple Pay uses an emerging form of tokenization.3D Secure is an imperfect answer to user authentication online. One difficulty in fighting online fraud is that it is hard to tell whether the person using card data is actually the cardholder. 3D Secure adds a level of user authentication by requiring the customer to enter a passcode or biometric data in addition to payment data to complete a transaction online. Merchants who implement 3D Secure risk higher shopping-cart abandonment.In full, the report:Assesses the fraud cost to US retailers and how that fraud is expected to shift in coming yearsProvides 5 high-level explanations of the top payment security protocolsIncludes 7 infographics illustrating what the transaction flow looks like when each type of security is implemented.Analyzes the strengths and weakness of each payment security protocol and the reasons why particular protocols are being put in place at different types of merchants.To get your copy of this invaluable guide, choose one of these options:Subscribe toan ALL-ACCESS Membership with BI Intelligence and gain immediate access to this report AND over 100 other expertly researched deep-dive reports, subscriptions to all of our daily newsletters, and much more. >> START A MEMBERSHIPPurchase the report and download it immediately from our research store. >> BUY THE REPORTThe choice is yours. But however you decide to acquire this report, youve given yourself a powerful advantage in your understanding of payments security.Join the conversation about this story
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