Secure Technology Alliance Provides Guidance for Developing Secure IoT Payments Applications

PRINCETON JUNCTION, N.J., Dec. 05, 2017 -- Internet-connected devices are creating new opportunities for businesses and consumers to interact, and payment is a major use case that is expanding. For stakeholders looking to incorporate payments into their IoT devices, the Secure Technology Alliance has released a new resource to provide an overview of this market and provide guidance for developing secure IoT payment applications.

The white paper “IoT and Payments: Current Market Landscape,” was developed by the Secure Technology Alliance IoT Security Council and Payments Council and can be downloaded at https://www.securetechalliance.org/publications-iot-and-payments-current-market-landscape/.

“While consumers demand the ability to make a payment wherever they are and with whatever device they’re using, they also want the transaction to be frictionless and secure. This demand creates a challenge for merchants, issuers, and acquirers,” said Randy Vanderhoof, executive director of the Secure Technology Alliance. “This resource provides guidance for those looking to leverage the traditional payments infrastructure for making secure transactions using internet-connected devices, such as wearables, connected cars or the connected home, that have been designed to improve the consumer experience.”

This white paper:

• Describes some of the more prominent use cases and pilots of IoT payments, including smart homes, connected cars, and wearable devices
• Identifies potential security issues posed by the use of IoT devices for payments
• Provides considerations for implementing payments with IoT devices

Council members participating in the development of the white paper included: American Express; Cardtek; Consult Hyperion; CPI Card Group; Discover Financial Services; Entrust Datacard; G+D Mobile Security; Gemalto; GlobalPlatform; IDEMIA; Ingenico Group; IQ Devices; Mastercard; Metropolitan Transportation Commission (MTC); NextgenID; NXP Semiconductors; Rambus; and Underwriters Laboratories (UL).

Additional information on the IoT Security Council can be found at https://www.securetechalliance.org/activities-councils-internet-of-things-security/, and on the Payments Council at https://www.securetechalliance.org/activities-councils-payments/.

About the Secure Technology Alliance
The Secure Technology Alliance is a not-for-profit, multi-industry association working to stimulate the understanding, adoption and widespread application of secure solutions, including smart cards, embedded chip technology, and related hardware and software across a variety of markets including authentication, commerce and Internet of Things (IoT).

The Secure Technology Alliance, formerly known as the Smart Card Alliance, invests heavily in education on the appropriate uses of secure technologies to enable privacy and data protection. The Secure Technology Alliance delivers on its mission through training, research, publications, industry outreach and open forums for end users and industry stakeholders in payments, mobile, healthcare, identity and access, transportation, and the IoT in the U.S. and Latin America.

For more information, please visit www.securetechalliance.org.

CONTACT:
Megan Shamas
Montner Tech PR
203-226-9290
[email protected]