Rambus Inc. (NASDAQ: RMBS) has teamed up with eftpos, the Australian domestic debit network, to help support secure transactions with Apple Pay for users in Australia. Through integration with the Rambus Token Service Provider (TSP) technology, eftpos is able to support Apple Pay, the easy, secure and private way to pay. By utilizing tokenization, this TSP technology replaces sensitive information with unique reference numbers and is more secure than traditional plastic cards.
“With millions of eftpos-only debit cards distributed across Australia by its members, eftpos is the country’s most popular debit payment method,” said ChakibBouda, CTO of the Rambus Payments Division. “This partnership allows more than a million consumers to enjoy secure mobile payments using Apple Pay, leveraging our proven EMV tokenization software for trusted transactions.”
The Rambus TSP technology replaces traditional primary account numbers (PAN) with unique identifiers called payment tokens. By integrating the Rambus tokenization software, participating eftpos members can use eftpos debit cards with Apple Pay for increased protection.
“Our partnership with Rambus gives us the ability to accelerate our secure mobile payments strategy and support Apple Pay,” said eftpos Acting CEO, Paul Jennings. “We are excited to move from our traditional card based payment method into mobile, offering our members in Australia the opportunity to benefit from the convenience and security of Apple Pay.”
Security and privacy are at the core of Apple Pay. When customers use eftpos debit cards with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code.
For more information on Apple Pay, visit apple.com/apple-pay.