04 December 2016

Oxford University spin-out targets secure P2P mobile payments

31 January 2014  |  6514 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  |  12430 views  |  2 comments | 28 tweets | 25 linkedin
Apple preparing to move into payments - WSJ

Apple preparing to move into payments - WSJ

27 January 2014  |  11374 views  |  3 comments | 29 tweets | 28 linkedin
SmartMetric preps bitcoin P2P payments card

SmartMetric preps bitcoin P2P payments card

15 January 2014  |  4559 views  |  0 comments | 6 tweets | 5 linkedin
RBC brings P2P transfers to Facebook Messenger

RBC brings P2P transfers to Facebook Messenger

11 December 2013  |  8032 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  |  12365 views  |  4 comments | 20 tweets | 14 linkedin
US banks roll out P2P payments platform

US banks roll out P2P payments platform

24 May 2012  |  11654 views  |  2 comments
Oxford scientists develop security protocol for m-payments

Oxford scientists develop security protocol for m-payments

11 February 2010  |  9678 views  |  4 comments

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comFind out moreFind out more

Top topics

Most viewed Most shared
Royal Mint to issue digital goldRoyal Mint to issue digital gold
6362 views comments | 22 tweets | 21 linkedin
ING pulls plug on P2P payments app TwypING pulls plug on P2P payments app Twyp
5535 views comments | 16 tweets | 15 linkedin
UK challenger bank Masthaven opens for businessUK challenger bank Masthaven opens for bus...
5534 views comments | 15 tweets | 13 linkedin
R3 and Calypso to develop blockchain trade confirmation systemR3 and Calypso to develop blockchain trade...
5479 views comments | 13 tweets | 12 linkedin
EBA told that tougher authentication will have a "chilling" effect on single marketEBA told that tougher authentication will...
5463 views comments | 18 tweets | 20 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job