Analysis of Applicability of ISO 9564 PIN based Authentication to Closed-Loop Mobile Payment Systems

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Provided by: International Journal of Advanced Networking and Applications (IJANA)
Topic: Security
Format: PDF
Payment transactions initiated through a mobile device are growing and security concerns must be addressed. People coming from payment card industry often talk passionately about porting ISO 9564 PIN standard based authentication in open-loop card payment to closed-loop mobile financial transactions and certification of closed-loop payment product or solution against this standard. In reality, so far this standard has not been adopted in closed-loop mobile payment authentication and applicability of this ISO standard must be studied carefully before adoption. The authors do a critical analysis of the applicability of this ISO specification and make categorical statement about relevance of compliance to closed-loop mobile payment.
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