Unified Payment Platform allows users to digitise credit cards into secure retail wallet

“Our Unified Payment Platform is based on a bank-proven foundation from our Bell ID acquisition, utilising tokenization and card provisioning technology that is in use among the largest banks and payment networks worldwide,” said Dr. Ron Black, President and CEO of Rambus. “Our new platform extends this offering to the retailer, enabling them to incorporate payments and manage digital currencies inside a single app to realise an enhanced frictionless shopping experience.”

Overview of Rambus Unified Payment Platform
The Unified Payment Platform consists of these primary components: 1) the Digital Value Manager, 2) Retail Wallet Engine, 3) a white-label retail app and 4) optional modules to support credit/debit cards, gift cards, loyalty points and coupons.

1)    The Digital Value Manager – the core of the Unified Payment Platform – allows retailers to connect multiple third-party service providers and convert various forms of digital value into a unified 'currency' that can be managed in a value store.

2)    The secure Retail Wallet Engine software enables full integration with mobile payment products, including a white-label app, and features digital card enrollment, card provisioning and tokenization. The Retail Wallet Engine can be upgraded to include integration with Virtual Point of Sale (VPOS) capabilities and inventory management to enable one-click pay and auto-pay creating a truly frictionless consumer experience.

3)    The white-label app software allows retailers to get their branded app quickly to market. The app can be fully integrated with a suite of products, providing consumers with all-in-one access to the retailer’s unified digital wallet and value-added services.

4)    Customisable modules that provide retailers and merchant acquirers the ability to securely connect to third-party services, convert different types of digital value to a unified currency, and manage gift card, loyalty and coupon services in-house.

• A credit/debit card module that enables retailers to add a credit or debit card and using tokenization for secure access to digitise physical cards into a single wallet.
• A gift card module that allows consumers to add or purchase gift cards, redeem gift cards, reload, provide balance inquiry or transfer gift card values.
• A loyalty module that tracks new and existing loyalty cards, adds points on purchase, supports payment with points and adds bonus points to incentivise users to buy or select products.
• A coupon module that adds and redeems coupons, which enables retailers to push coupons to consumers in store or in virtual carts.

Enabling a frictionless shopping experience
The Unified Payment Platform provides retailers with enhanced security, reduced cost and increased revenue. By using tokenization, the risk of card on file fraud is reduced by replacing key account information with temporary data. The Retail Wallet Engine enables in-aisle check-out options to lower overhead costs and reduce the number of POS terminals. The platform also helps increase revenue by allowing retailers to more easily engage in cross or up-sell opportunities with integrated loyalty points and coupons. In addition, this facilitates direct access to detailed shopping data, allowing retailers, banks and merchant acquirers to offer a personalised shopping experience and more effectively compete in a crowded marketplace.

For consumers, the platform provides an effortless experience by unifying multiple units of value - including credit/debit, gift cards, loyalty points and coupons - into a single mobile app, along with digitised receipts and transaction history of purchases.