Electronic security firm, Cryptomathic, says it has released the first secure mobile wallet to exist in the cloud, enabling consumers to link all their endpoint devices across smartphones, tablets or PCs to an online or mobile wallet account.
Aimed at card payment schemes, issuers and other financial institution or non-FI firms targeting the cashless payments sector, the Cryptomathic Cloud Wallet delivers a secure payment application to a growing sector. Traditionally payment applications have been delivered via either EMV chips embedded in payment cards or the Secure Element on a smartphone.
The Cryptomathic Cloud Wallet is controlled by the bank, Visa, or whoever installs it. Once a customer has enrolled their devices with the Cloud Wallet, they can use the application to make any number of transactions, using any of their enlisted devices. For example, the Cloud Wallet can be used to make Near Field Communication (NFC) payments at the Point-of-Sale, enhance the security and experience of the 3D Secure form of verification, or perform full-scale EMV-type transactions between the cardholder and merchant.
According to Matt Landrock, chief executive of Cryptomathic USA, “the Cloud Wallet offers a new approach to e-payments, and how this functionality can be delivered and managed by the payments industry. “This secure solution provides payment schemes and issuers with full control of the payment application, without having to negotiate complicated business relationships with Mobile Network Operators and without having to modify or enhance the end user devices,” he said. “With over 25 years’ experience providing security to the banking industry, we are delighted to announce this groundbreaking invention.”