While continuing to support their applications on secure elements in NFC phones, Visa and MasterCard Worldwide confirmed their firm support for host-card emulation in the past week, as they continue to fast-track new HCE specifications to the market.
Representatives from the two largest global payment networks, in interviews at the Mobile World Congress in Barcelona with NFC Times, contend that banks or other issuers rolling out Visa payWave or MasterCard PayPass using HCE could expect as much security as if they used NFC SIM cards or other secure elements–as long as the banks followed the specifications the payment schemes have introduced or are drafting.
That includes using tokens on the phones in place of card credentials as part of “multiple layers” of security for the cloud-based applications.