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UL

Media Release

17 March 2017

UL explores the latest innovations in payment technologies


Rapid developments in technology are changing the entire payments landscape

Johannesburg
[Insert Date]
For immediate release

New technologies being introduced into the electronic payments value chain are rapidly reshaping
the entire e-payments landscape. This is according to global independent safety science company,
UL (Underwriters Laboratories), which tests, verifies, certifies and audits products, industrial
equipment and operating processes in key hi-tech sectors.

In a recent paper entitled The Future of Authentication, UL’s Operations Manager of Transactional
Security for the Middle East and Africa, Stephen Jackets, examined some of the issues retailers and
online merchants are facing in their quest to provide a seamless transaction experience for their
customers.

“The biggest challenge is one of balancing convenience with security, “ he says, “partly because
these are sometimes conflicting goals. Banking and payment systems are also becoming more
complex all the time, which adds to the nature and scope of the challenge.”

“At the heart of the matter is the fact that e-payment systems incorporate multiple technologies and
offer increasingly diverse applications, which requires strict compliance with an ever-growing
number of technical standards and payment scheme requirements. This can sometimes be in
conflict with the goal of providing a seamless transaction experience. Highly publicised breaches of
consumer account data nevertheless underscore the importance of data security and risk
management, which are essential in order to protect both user privacy and brand reputation.”

The ability to authenticate customers and transactions is essential to the e-payments value chain, so
UL is tracking and evaluating some of the latest developments in the field, including Facebook and
Amazon authentication APIs, Samsung ventures in biometrics and trends in risk-based
authentication.

“UL is dedicated to helping customers navigate the ever-evolving challenges related to e-payments,”
says Jackets. “We have decades of expertise in testing payment systems and innovations across
almost all industries and markets. As a trusted global partner with an in-depth understanding of
local markets and requirements, we are able to offer a comprehensive range of services to clients as

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diverse as retailers, merchants, issuers, personalisation bureaus, acquirers, payment terminal
vendors and processors.”

Jackets, who is an expert in the field of smartcards, mobile payments and e-commerce, is constantly
analysing the ways in which the e-payment landscape is evolving, and emphasises the importance of
developing sound authentication strategies in order to unlock new and expanded business models.

“e-Commerce is essential to a successful business in both the retail and online space,” says UL South
Africa MD, Kennedy Nzimande, “and with technology developing as rapidly as it is, it is vital for
companies of all sizes to be able to use the technology in a way that is efficient and safe for both
them and their customers. This is where UL has such an important role to play, particularly in the
developing markets of Africa.”

Cobus Nigrini, a Sales Executive who also works in the Africa and Middle East region, concurs. On a
more tactical level, he says, reducing the costs of terminal CMV certification projects is an on-going
focus. Technologies such as NFC tags, eSE, UICC, mSD and smart wearables, which are all taking
retailing into a whole new era, are also set to reduce the costs associated with implementing and
upgrading e-payment systems.

Nigrini has overseen multiple brand certification projects throughout Africa and specialises in
bridging the divide between technology and business.

“UL is a single, expert resource for all banking and payment system stakeholders,” says Kennedy
Nzimande. “We can therefore provide not only expert testing and certification at all stages of a
project, but also guidance, advice and training throughout its lifecycle. We can further provide
certified tools and simulators to help clients test their systems on a scheduled basis in order to
ensure that they comply with all regulatory requirements.”

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About UL’s Transaction Security Services


UL’s Transaction Security division guides companies within the mobile, payments and transit
domains through the complex world of electronic transactions. UL is the global leader in
safeguarding security, compliance and global interoperability. It offers advice, training, compliance
and interoperability services, security services and test tools during the full life cycle of the product
development process or the implementation of new technologies. UL’s people proactively
collaborate with industry players to define robust standards and policies, bringing global expertise to
local needs. UL has accreditations from industry bodies including Visa, MasterCard, Discover, JCB,
American Express, EMVCo, UnionPay, PCI, GCF, GlobalPlatform, NFC Forum, and many others. For
further information, please visit www.ul-ts.com.

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About UL
UL fosters safe living and working conditions for people everywhere through the application of
science to solve safety, security and sustainability challenges. The UL Mark engenders trust, enabling
the safe adoption of innovative new products and technologies. Everyone at UL shares a passion to
make the world a safer place. We test, inspect, audit, certify, validate, verify, advise and train and
we support these efforts with software solutions for safety and sustainability. To learn more about
us, visit www.ul.com.

For further information, please contact:


Caitlynn Dykstra
Marketing EMEA/LA
(+31) 71 581 3636
caitlynn.dykstra@ul.com

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