Digital security firm Gemalto has been selected by BancNet to secure its users mobile payment transfers in the Philippines.
BancNet, which is a Philippines-based interbank network of 116 local and international banks, serve over 40 million cardholders. With this new partnership, BancNet can take advantage of Gemalto’s Ezio Authentication Server and Mobile token system.
This will allow BancNet’s customers to securely transfer their money, while the token system simultaneously performs multi-layer authentication and transaction verifications.
‘‘We chose Gemalto because they are a leader in user authentication, with a proven track record in the Philippines,’’ said Aristeo Zafra, general manager and chief operations officer of BancNet.
BancNet aren’t the first lending group who have partnered with Gemalto. Last month, PaymentEye reported that consumer transaction organisation NCR became one of the first companies to use the Ezio security tool.
‘‘Their solution will enable our customers to access their bank accounts using mobile devices as their primary authentication device, with a greater sense of security. They would not need to carry or register multiple tokens,’’ continued Zafra.
Now that BancNet have gained an advanced security system, they can continue to take advantage of the Philippine’s desire to covert to mobile transactions. According to a survey conducted by Citigroup, 92 percent of all Filipino respondents sought to ‘‘take their banking with them’’ and be able to access all of their finances while traveling.
‘‘In Philippines, 88% of the total mobile Internet population is under the age of 35. With smartphone penetration expected to triple to 50% by 2015, BancNet has an enormous opportunity to tap into this enthusiastic generation,” said Michael Au, president South Asia and Japan at Gemalto.
‘‘Our future-proof solution will enable BancNet to offer exciting features that will attract and retain this segment of customers,’’ ended Au.
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