Independent e-security solutions expert Cryptomathic has invented the market's first 'Cloud Wallet', a ubiquitous secure mobile wallet.
The Cryptomathic Cloud Wallet enables a secure payment application to run off a connected, trusted platform that is accessible through a network such as the internet. It securely links the user and all their devices - such as a smartphone, tablet or personal computer - to their wallet.
This new method offers an alternative approach to providing secure payment applications, which today are generally delivered through either EMV chips embedded in payment cards or secure elements of smartphones. The Cryptomathic Cloud Wallet will be of particular interest to payment schemes and issuers as it addresses all the users' connected devices while allowing the overall system to be driven based on risk parameters; exactly like their core business today.
Once a cardholder has enrolled their devices with the Cloud Wallet, they can use their wallet to make any number of transactions using any of their enlisted devices. The Cloud Wallet can be used, for example, to make near-field-communication (NFC) payments at point-of-sale, enhance the security and experience of the 3D Secure form of verification, or even perform full-scale EMV-type transactions between the cardholder and merchant.
Matt Landrock, CEO of Cryptomathic USA, comments: "The Cryptomathic Cloud Wallet offers a new approach to e-payments, and how this can be delivered and managed by the payments industry. This highly secure solution provides payment schemes and issuers with full control of the payment applications, without having to negotiate complicated business relationships with mobile network operators and without having to modify or enhance the end-users devices. With over 25 years' experience providing security to the banking industry, we are delighted to announce this groundbreaking invention."