Intel and MasterCard have just shaken hands on a new deal for a multi-year strategic collaboration to further enhance the security and consumer payment experience for online shopping. The new collaboration is set to combine MasterCard's expertise in payment processing and commerce with Intel's strengths in silicon innovation and chip-based security.
The deal will provide more options for a safer and simpler checkout process for online merchants and consumers using Ultrabook devices and future generations of Intel-based PCs. Intel and MasterCard are working together to optimize a variety of emerging payments technologies which include MasterCard's PayPass and Intel Identity Protection Technology (IPT). IPT can enable consumers to use strong two-factor authentication and hardware-based display protection.
What this does is provide increased online security against malware, and additionally, when used with an Intel Identity Protection Technology-enabled reader, consumers will be able to pay for online purchases with a simple tap of their PayPass-enabled card, tag or smartphone on an Ultrabook device. The idea is for simplicity-meets-security.
Ed McLaughlin, chief emerging payments officer at MasterCard says:
MasterCard is constantly working to improve the shopping experience for consumers and merchants. The collaboration with Intel will deliver enhanced security and faster checkout - with the convenience of a simple click or tap.
With consumers shifting their shopping habits online in droves, this is a step in a very good direction. Online sales reached $176.2 billion last year, with that in the United States alone. These numbers are expected to grow at double-digit percentage rates annually for the next 5 years, according to Forrester Research.
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