HP Expands Support for Securing Electronic Payments

CHICAGO, IL--(Marketwired - Nov 12, 2014) -  HP (NYSE: HPQ) today announced expanded support for new cloud-based payment platforms as well as Europay, MasterCard, Visa (EMV) issuance with its HP Atalla Network Security Processor (NSP). These enhancements extend HP Atalla's existing support for EMV tokenization and card encryption.

At BAI Retail Delivery 2014, HP also unveiled results from a new study revealing the most popular electronic payment systems, adoption trends and most critical technologies in securing electronic payment methods.

Despite privacy concerns, consumers are quickly embracing new payment systems, including mobile payments, person-to-person payments and e-wallets. According to the Security & Compliance Trends in Innovative Electronic Payments Report conducted by the Ponemon Institute (@PonemonPrivacy) and sponsored by #HPAtalla, payments with a mobile device or phone number are the most popular electronic payment method, with 75 percent of respondents saying their organizations have plans to support payments with a mobile device or phone number.¹ 

With electronic payment adoption on the rise, the security and integrity of sensitive financial data must be addressed. According to the study, 66 percent of respondents reported the authentication of users to be a key challenge in implementing new payment methods.¹ To address this, organizations can look to technologies such as cryptography, key management, hardware security models (HSMs) and interoperability. In addition, industry standards play an increasingly important role in securing emerging electronic payment capabilities.

"Consumers are increasingly adopting mobile-based and other forms of electronic payments, despite the threats to their sensitive payment data," said Albert Biketi (@abgenx), general manager, Atalla, Enterprise Security Products (@hpsecurity), HP. "Implementing fundamental payment security technologies to advance innovative electronic payment methods is crucial in both managing risk and staying ahead of the growing number of threats."

Securing and advancing adoption of electronic payment offerings
With more than 35 years of experience helping merchants protect their financial data with the HP Network Security Processor (NSP), HP Atalla also supports the latest electronic and cloud-based payment methods by securely processing over near field communication (NFC) through a mobile phone application. This enables devices without a secure element to make NFC-powered transactions that meet emerging standards and protocols.