Asia Pacific region to benefit from new Cloud-based E-payment system in 2011

Asia Pacific region to benefit from new Cloud-based E-payment system in 2011

By CloudTweaks,

Monday, December, 20th, 2010 – Introducing a new approach to electronic payment which will improve transaction times and authentication methods. Akamai’s planned cloud-based e-payment system is the next big thing to hit Asia Pacific in 2011 in the field of online financial services. One of the major concerns for people using such services is the security risk. All these factors have been taken into consideration by Akamai which aims at reducing cost of security compliance for businesses.

Akamai Technologies is a well reputed company that provides distributed platform services for global internet. The company has started off by introducing a new tokenization method (Edge tokenization) by which businessmen and online retailers can convert credit card info into tokens in the Akamai cloud. This will make the info less susceptible to interception. According to marketing resources at Akamai, the e-payment system will run on Akamai servers which are embedded within ISPs and worldwide telecom providers. It was first assumed that the system would be launched on Akamai’s data centre but that is not the case. The company has a vast server setup with 77, 000 servers which are spanned over 90 countries. The main responsibility of these servers is optimization of web content, latency reduction, enhancing online delivery of data and enabling high quality online services. With such extensive setup, it would seem that Akamai has done its homework for the upcoming launch and the system to be introduced is going to be good news for the people of Asia Pacific.

The system is compliant with PCI DSS (Payment Card Industry Data Security Standard) which provides cost efficiency for merchants and traders. Edge tokenization described before will reduce the security costs. As a result, we can expect fewer security breaches and that too, at a nominal price. Edge Tokenization will also deliver infrastructure and performance benefits by routing a customer’s credit card information through the cloud-based infrastructure. By doing this data theft can be reduced and additionally transaction times will be reduced greatly.

Akamai’s launch of this e-payment system is very much in line with the IT development that is the highlight of the APAC region. Telecom providers need proper infrastructure if they are to support and host such cloud computing services. Cloud services will be more inclined towards private cloud models for 2011. The trends in the APAC region are very promising as this area is considered to be a ripe market for future IT investments with IT giants like China, Philippines and India hard at work.

One can only hope that such services continue to serve end-users as well as enterprises, providing an economical and secure alternative for financial transactions.

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