Moreover, the service from G+D Mobile Security is used not only for deployment, but also for provisioning and lifecycle management of virtual payment cards. The LG Pay mobile payment service enables users to add their physical Mastercard and Visa payment cards to their mobile phones in virtual form with just a few clicks.
They can then use their smartphones to pay at any contactless terminal that supports Mastercard or Visa. LG Pay supports contactless payments using near-field communications, but also supports magnetic stripe–only payment terminals by incorporating Wireless Magnetic Communication.
Convego CloudPay enables token aggregation across the payment networks for the LG Pay by provisioning the lifecycle management of the tokens. The service is connected to the tokenization services of Mastercard (Mastercard Digital Enablement Service, MDES) and Visa (Visa Token Service, VTS). It requests the necessary tokens for each payment transaction and transmits them reliably and securely to the LG smartphones.
G+D Mobile Security is a global mobile security technology group headquartered in Munich, Germany. The company is part of the Giesecke+Devrient Group.
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