22 September 2017
visit www.avoka.com

Oxford University spin-out targets secure P2P mobile payments

31 January 2014  |  6768 views  |  2 Business man using Smartphone

Using security protocols they have been developing for the last 12 years, a group of Oxford University academics are preparing to launch a mobile person-to-person payments app.

With £250,000 in funding, a university spin-out company, Oxcept, has been created, promising simple, secure ways of transferring information so that people can safely make payments from their handsets.

Using security protocols developed by a team led by Professor Bill Roscoe of Oxford University's department of computer science, the app will allow users to create a new secure network or to secure insecure ones.

Once both parties have downloaded the app the payer authenticates the payee and authorises a transaction. There is no swiping, scanning or card reading and no pass codes, account information or credit card details are disclosed.

Oxford says that the technology being used is patented and that the protocols have been tested by academics around the world and used by the Ministry of Defence.

Says Roscoe: 'These protocols resist many of the threats such as so-called 'man in the middle' attacks associated with online security solutions. We create security without having to rely on any pre-existing infrastructure such as a public key infrastructure, and we do it from the things human users know and trust."

Comments: (2)

Alexander Peschkoff
Alexander Peschkoff - TEDIPAY - London | 31 January, 2014, 11:15

I wonder what Ross Anderson of Cambridhge Uni thinks of that... After all, his team could break even secure element solutions, let alone s/w ones...

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Elton Cane
Elton Cane - writer & tech geek - Brisbane | 03 February, 2014, 09:11

Oxford v Cambridge - sounds like an opportunity for a new kind of Boat Race.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Amazon to move into P2P and in-store payments

Amazon to move into P2P and in-store payments

30 January 2014  |  13147 views  |  2 comments | 28 tweets | 25 linkedin
Apple preparing to move into payments - WSJ

Apple preparing to move into payments - WSJ

27 January 2014  |  12437 views  |  3 comments | 29 tweets | 28 linkedin
SmartMetric preps bitcoin P2P payments card

SmartMetric preps bitcoin P2P payments card

15 January 2014  |  4862 views  |  0 comments | 6 tweets | 5 linkedin
RBC brings P2P transfers to Facebook Messenger

RBC brings P2P transfers to Facebook Messenger

11 December 2013  |  10198 views  |  1 comments | 14 tweets | 14 linkedin
Visa Europe unveils multi-currency mobile P2P payments service

Visa Europe unveils multi-currency mobile P2P payments service

17 April 2013  |  12667 views  |  4 comments | 20 tweets | 14 linkedin
US banks roll out P2P payments platform

US banks roll out P2P payments platform

24 May 2012  |  13781 views  |  2 comments
Oxford scientists develop security protocol for m-payments

Oxford scientists develop security protocol for m-payments

11 February 2010  |  9851 views  |  4 comments

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.temenos.comvisit www.vasco.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12891 views comments | 27 tweets | 42 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
8650 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8378 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
7808 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
7676 views comments | 31 tweets | 45 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job