Intel Corporation (NASDAQ:INTC) and Visa Inc (NYSE:V) have announced a partnership through which they will work together to feature more security in payments through connected devices.
The two tech companies are working together to create secure payment encryption which will be built into the chipsets in connected devices. This means that Intel devices made in the future will be able to encrypt stored payment data while in motion or at rest. The aim of the partnership is to come up with more secure means of data transmission. This in layman’s language means that a hacker would run into a dead end while trying to exploit the vulnerabilities because the information stored on the device is encrypted.
The encryption will be based on the Digital Protection Technology (DPT) provided by Intel. It will also incorporate the 3D Secure authentication process used by Intel to make sure that merchants can tell the difference between bad transactions and goods. DPT is viewed as one of the means to facilitate payments in IoT devices, mobile and computers.
“The rise of connected devices will … open up new entry points for hackers,” stated Visa’s senior vice president of risk and authentication products, Mark Nelsen.
Nelsen believes that it will take a new level of coordination from various industries including computing and payments to overcome the rising security challenges. He also pointed out that the partnership with Intel will be a great opportunity to make sure that the next level of payment devices will be fitted with security technology from their early stages of development.
“7th Gen Intel Core processors will make the online shopping experience hassle-free and provide security that’s built-in to the hardware,” pointed out Rick Echevarria, Intel’s VP for the software and services group.
Echevarria believes that the partnership will be a great opportunity for the two companies to come up with innovative technologies that will be vital for the payment industry.
Visa stock closed the latest trading session at $83.17.
