London, UK (Vocus/PRWEB) 14 March 2011
YESpay International, a global European and North American payment gateway is positioning itself for providing new mobile commerce payment services. Growing at over 40%, with many thousands of merchants globally, YESpay has launched a free consumer mobile and web wallet service, that in the future will also support NFC (near field communication) based payments, once NFC smartphones become widely available.
“YESpay merchants perform millions of card payments per week, and now their card paying customers can create free personal wallets by going to https://www.yes-pay.net/cardholder-web/ or http://www.yes-pay.com to get instant benefits such as card payment e-receipts, e-coupons and location based services”, said Dr Chandra Patni, CEO of YESpay International Limited. Dr Patni further added, “YESpay-Wallet supports storage of personal Visa and MasterCard in the ‘My Wallet’ function which can be used to make payments at web, mobile and physical stores of YESpay merchants”.
YESpay-Wallet for BlackBerry, iPhone and Android smartphones will shortly be available. YESpay-Wallet supports roll out of retail couponing, loyalty and location-based mobile advertising and marketing services, many of which will use NFC in the future. Standard Visa/MasterCard Payment applications are also supported via the wallet.
YESpay in Talks with Retail Players – Merchants and POS Solutions Partners
YESpay is encouraging its Web, EPOS and Kiosk solutions partners to promote YESpay-Wallet in particular as part of a bigger plan to introduce e-coupons, promotions and gift card services initiative. YESpay has now released its YESpay-Wallet web-services APIs for any partner to integrate web and mobile wallet functionality. Additionally its Store Manager™ web-services API enables merchant head office/central systems to control set-up and distribution of e-coupons, promotions and location-based-services to the wallet holders. "Retailers must be assured of receiving real value if they are to promote mobile and web wallets," Dr. Patni said.
NFC Mobile Payments in the future – from secure magnetic card emulation to EMV
NFC phones will over the next few years be out with secure elements, as well as the SIM, as options for loading secure payment applets. To begin with, YESpay-Wallet running on an NFC phone will use a Point-to-Point encryption service using the phone secure element to securely transport the wallet login credentials together with the wallet holder chosen card payment method reference to the YESpay payment gateway (EMBOSS datacentres) which will then extract the card details to perform a magnetic card emulation authorisation with the card issuer.
Will PayWave (Visa) or PayPass (MasterCard) payment applets be loaded into the embedded secure element chip or possibly the SIM card, the latter directly controlled by mobile operators? Will the phone OS manufacturer such as Google/Apple/BlackBerry hold the master keys and control the applet load function of the embedded secure chip in Android and other NFC phones? Assuming EMV payment applets will be easily loaded by card issuers into the smartphone, YESpay will aim to enhance the YESpay-Wallet Mobile App to initiate EMV payments by triggering these PayWave and PayPass applets which will use the NFC to communicate with the EMV capable contactless Point of Sale (POS).
YESpay-Wallet service providing consumer trust through safer card payments
YESpay-Wallet service enables consumers to create the wallets through participating merchants’ websites, at YESpay http://www.yes-pay.com website or via the mobile smartphone applications to be launched in May, which supports a wallet-registration function.
Consumers will also be able pay for in-store purchases at YESpay merchants by launching their YESpay-Wallet mobile application, selecting the card from information stored in the wallet and holding the smartphone in front of a scanner that scans a barcode on the phone screen. The barcode image represents the payment card. YESpay convert the barcode image data into the card details at their PCI-DSS Level 1 certified data centres before forwarding the card authorisation request to the merchant’s card Acquirer. One drawback of using this barcode approach is that the Visa/MasterCard payment will be treated as a “keyed-in” purchase, which may cost merchants potentially as much as card-not-present transactions. (Depending on the acquirer, card-not-present Visa/MasterCard transactions are about 30 basis points higher than card-present transactions.) The barcode payment method is ideal for merchants’ own gift card program payments, which do not incur card acquirer processing fees.
Consumers making purchases online on the web or through a mobile website need to log in to the wallet, select the card and then confirm the payment.
YESpay mobile wallets will offer consumers several perks, such as the ability to create virtual versions of their credit or debit card that link to the card accounts. When consumers use the virtual card, the merchant processes the payment using the credit or debit card linked to the virtual card account. Virtual cards use an issuer identification number, a unique, six/eight-digit number that identifies a bank in electronic transactions. The issuer ID numbers belong to YESpay and are registered with the International Organization for Standardization. Because the virtual cards use a YESpay issuer ID number instead of a bank ID number, “they are safer to use on the Internet and in the mobile environment. Consumers do not have to provide their actual credit or debit card information to the merchant,” Dr. Chandra Patni notes. For example, consumers may create a $100 virtual card tied to a Visa-branded credit card to transfer the virtual card to a friend or family member. The recipient of the virtual card then may use it at any of YESpay participating merchants.
About YESpay International Limited:
YESpay, a global card payments service company, provides highly secure Internet, EMV Chip & PIN, contactless and gift card payment processing services to independent and multi-chain merchants. Through EMBOSS™, the YESpay Managed Payment Service, merchants can quickly accept integrated card payments within EPOS, kiosks, hospitality and e-commerce systems with minimal capital investment and low on-going services costs. EMBOSS is an on-line IP-based payment processing service that has been generically pre-accredited by major Card Acquirers in Europe and North America (including Chase Paymentech, First Data Merchant Service (FDMS), Barclaycard Business, HSBC, HBOS, Lloyds Cardnet, Streamline, Ulster Bank, Elavon, PBS, Amex and Diners). In addition, the YESpay EMBOSS service is fully end to end certified to Payment Card Industry Data Security Standards (PCI DSS) Level 1 as mandated by Visa and MasterCard. The YESpay EasyV-Suite of card payment products is innovative and cost-effective for EPOS, Kiosk, Hospitality, Mobile and Internet environments.
With the YESpay EMBOSS card payment service, merchants can perform card payments in both card-present and card-not-present environments.
YESpay International Ltd Offices:
UK Headquarters: Checknet House, 153 East Barnet Road, Barnet, EN48QZ, UK
133 Richmond Street West, Suite 406, Toronto, ONTARIO, M5H2L3 CANADA
UK/Europe Telephone: +44 – 203 – 006 – 3790
USA/Canada Telephone: +1 – 416 – 214 - 6012
PR Contact: Antonia Mitsana, Marketing Manager, +44-203-006-3790 ext. 227