CardStandard PC is the first processing center in Russia received a status of a Cloud-Based Payments Service Provider by Visa*
The status assigned by Visa international payment system to the independent processing center provides numerous opportunities for CardStandard’s partner banks in the future. They will be first in the Russian market to launch a service allowing to issue Visa payWave NFC**-cards with data stored on a mobile phone.
The host card emulation enables NFC devices to perform contactless transactions in card emulation mode when the payment, other credentials and related card applications are stored in the cloud. This actually means that a user does not have to always take a bank card with him as a mobile device connected to a cloud has got all the required payment functions.
The payment is made by waving a mobile phone in front of a contactless reader of POS terminal. Encrypted data transmission of the credentials to a contactless POS terminal and connection to acquiring bank requires NFC-enabled smartphone.
In an HCE-enabled NFC payment transaction data is transferred under the same encryption standard that is used in major modern POS terminals. This does not require creation of a new terminal network to apply the solution and ensures high level of security complying with the highest world standards.
The innovative service will enable CardStandard partner banks to significantly increase the number of cashless payments. The service allows for quick, easy and secure contactless payment without entering a PIN code (for purchases of up to RUB 1,000). This opportunity is especially vital when it is necessary to make payments for parking, crosstown lines or in fast food restaurants. Thus the technology stimulates the users to gradually transfer quick payments for small amounts into a cashless format and increase profit gained from card retail cashless payments.
The service is available to CardStandard’s partner banks being principal members of Visa payment system and participating in it under sponsorship of the Credit Union “Payment Center” (part of CFT Group). The only company, apart from Card Standard Payment Center, that was assigned a status of a Cloud-Based Payments Service Provider by Visa, is Giesecke & Devrient Systems Canada, Inc., specializing in card issue and personalization.
*Visa’s cloud-based service provider
**Near Field Communication