According to a latest study, the foremost experts in fintech and payment markets, forecasts a 153% surge in digital fraud targeting financial institutions by 2030; rising from $23 billion in 2025 to $58.3 billion in 20301. To counter the increase in fraud in e-commerce and online banking and to improve the security of transactions, Infineon Technologies, is growing its SECORA Pay family. The new SECORA Pay M platform expands the innovative features of the plug-and-play SECORA Pay solutions to support even more use cases and FIDO (Fast Identity Online) authentication.
The pioneering platform SECORA Pay M provides a one-stop shop offering that combines payment and authentication. It supports the latest EMV Payment applications for Visa and Mastercard. With support for multiple use cases, including EMV payment, Transport & Ticketing and FIDO authentication, users can access a wide range of services from a single card platform. Additionally, SECORA Pay M supports the latest Tap to X contactless transactions that can enhance the security of e-commerce transactions, card digitization to mobile wallets or login to mobile banking.
“We have dedicated ourselves to protecting online transactions from the increasing fraud,” said Tolgahan Yildiz, Head of the Trusted Mobile Connectivity and Transactions Product Line at Infineon. “With the new SECORA Pay M, we provide our customers with a solution that allows them to stay one step ahead of attackers while offering end customers simple and convenient authentication.”
FIDO Alliance is an open industry association that develops and promotes standards for simpler, stronger online authentication using physical or synced passkeys. Andrew Shikiar, CEO, FIDO Alliance, said: “Passwords have long been unfit for purpose, especially for important transactions like payments. The only way to eliminate widespread fraud is to replace phishable credentials with cryptographically secure and simple to use authentication. We are very pleased that Infineon shares this vision and is bringing solutions to market that help make payments and authentication simpler and more secure for all.”
SECORA Pay M is based on the Java Card 3.1 specification and supports the most recent EMV payment applications from Visa and Mastercard, VSDC2.8.1G1, VSDC2.9.2, and M/Chip Advance v1.2.3. in combination with Tap to X use-cases and Infineon’s integrated FIDO 2.1 application for secured authentication. NFC Type 4 Tag application further enhances contactless capabilities, making SECORA Pay M a powerful choice for next generation payment and authentication solutions.
