A secure element (SE) is a tamper-resistant platform capable of securely hosting applications and their confidential and cryptographic data in accordance with the rules and security requirements set forth by a set of well-identified trusted authorities. A secure element provides the best user experience and the tightest security available.
Pagaré utilizes tokenization, a process by which the primary account number (PAN) of your credit card is replaced with a surrogate value called a token. Pagaré uses the same card network tokenization scheme as Apple, Samsung and Android Pay, removing the need for Pagaré to ever store your credit card data with Fit Pay.
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that companies that process, store or transmit credit card information maintain a secure environment. Pagaré will be PCI Level 1 Compliant at launch. Companies that meet Level 1 must have yearly on-site reviews by an internal auditor, a network scan by an approved scanning vendor, and typically handle over 6 million Visa and Mastercard transactions processed per year.
EMV is a global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions. U.S. card issuers are migrating to this new technology to protect consumers and reduce the costs of fraud. Pagaré adheres to EMV Level 1, which covers physical, electrical and transport level interfaces, and EMV Level 2, which covers payment application selection and credit financial transaction processing.