Rambus Unveils Unified Payment Platform
Even though more people are using mobile wallets, there is still a long way to go until their use is commonplace. Rambus hopes to speed this transition with their Unified Payment Platform, a new mobile payment platform that will enhance payment security and reduce operational costs for retailers.
For consumers, the Unified Payment Platform will allow them to combine their payment cards, gift cards, loyalty points and coupons into a single mobile app. From the app, they will also have access to digital receipts and a transaction history.
The new platform will also provide safer transactions. Since it uses tokenization, a customer’s payment card information will not be used to complete sales, meaning it will be harder for criminals to steal sensitive information.
Retailers will also see reduced costs, as the platform will give merchants the option of using an in-aisle check-out system, which will lower the costs associated with point-of-sale (POS) terminals. The platform may also make it easier for retailers to more easily engage with customers or cross- or up-sell with loyalty points and coupons, which will increase revenues.
“Our Unified Payment Platform is based on a bank-proven foundation from our Bell ID acquisition, utilizing tokenization and card provisioning technology that is in use among the largest banks and payment networks worldwide,” said Dr. Ron Black, president and CEO of Rambus. “Our new platform extends this offering to the retailer, enabling them to incorporate payments and manage digital currencies inside a single app to realize an enhanced frictionless shopping experience.”