Voltage Security, the world leader in data-centric encryption and key management, and Ingenico (Euronext: FR0000125346 - ING), the leading worldwide provider of payment solutions, today announced that the two companies are expanding their partnership to enable a new level of security in the rapidly emerging area of mobile payments.
The combined solution -- Voltage SecureData Payments integrated into Ingenico's iSMP smart mobile EMV-enabled payment devices -- leverages Voltage innovations in end-to-end encryption and stateless key management to protect payments made using the iSMP mobile device.
The partnership helps address critical security requirements for mobile transactions by combining best-in-class solutions. Ingenico's iSMP solution is 100% MFI certified and fully compatible with Apple development and performance standards. The solution is easily implemented, highly scalable and instantly turns an iPhone® or iPod touch® into an EMV Chip & PIN mobile POS solution. Voltage SecureData Payments provides comprehensive end-to-end encryption for payment data for authorization, settlement and beyond. It eliminates the traditional headaches of key injection, key rotation and key management, while cutting costs in the process.
"For retailers of all sizes, mobile payments represent a top priority, yet this emerging marketplace remains inherently insecure," said Mark Bower, vice president of product management, Voltage Security. "By joining forces with Ingenico, we're able to offer retailers a high-security solution that enables them to accept mobile payments from customers while maintaining PCI compliance in their own store environments."
The market is clearly primed for such a solution. Global market forecasts for mobile payments, including transactions initiated at point-of-sale, range from $426 billion to $750 billion by 2015. Retailers need to ensure that credit card numbers are protected throughout the process, from the locations where they're stored to their transmission over wireless networks.
While mobile devices are becoming a key part of the payment acceptance process, security continues to be a critical obstacle to broader adoption. According to Payment Report from Auriemma Consulting Group (ACG), U.S. consumers remain wary of fully embracing mobile payments. The report shows that mobile security concerns (73%) appear to be the key deterrent.
"Based on our existing partnership with Voltage, our customers enjoy security and ease-of-use in our devices with the benefit of Voltage SecureData Payments already integrated with Ingenico's latest Telium platform," said Greg Boardman, senior vice president, Products and Development, Ingenico, North America. "Now, by integrating this innovative technology into our iSMP smart mobile payment solution, we're privileged to take this level of advanced security into the critical area of mobile payments."
Ingenico's iSMP solution enables consumers to check if items are in stock, compare pricing, read item reviews, and check out "on the go" to avoid long lines at the register. Its features are unique in the market: it was the first to receive the latest PCI PTS certification and is designed with the user's comfort in mind, including better protection of the Apple device; a real keypad; and a right-hand card reader that mimics a traditional POS device.
Voltage Security is the first vendor to offer a comprehensive solution for merchants to secure payment data from point-of-sale, e-commerce and mobile transactions. Voltage SecureData Payments provides stateless key management that's available on many hardware devices, software applications, gateways and processors. Deployed by five of the top U.S. processors, it's built on patented encryption technologies—specifically Identity-Based Encryption, Format-Preserving Encryption and Page-Integrated Encryption—to offer a high level of security and scalability, along with ease of implementation and use, and an enhanced customer experience. Voltage's data-centric approach to payments security also helps reduce risk and PCI audit scope, which is essential in mobile data security.