Giesecke & Devrient (G&D) is providing its secure software platform to the Commonwealth Bank of Australia (CBA), the country's largest financial institution to enable secure contactless payment transactions with the Samsung Galaxy S4 smartphone.
In its capacity as trusted service manager (TSM), G&D will handle personalization of the virtual credit card installed in the smartphone and manage the card along its entire life cycle.
G&D and CBA are set to make contactless payment transactions by smartphone a wide-scale phenomenon in Australia. Customers of Australia's biggest bank can now make MasterCard® PayPass™ payments at over 220,000 contactless terminals in Australia - and at a further 1.6 million sales outlets worldwide - by simply holding their Samsung Galaxy S4 smartphone against the payment terminal. For the first time ever, the payment app is safely stored on a secure element (SE) built into the smartphone. In its role as trusted service manager, G&D's task is to manage the payment app provided by the SE. That covers everything from personalization through to the deletion of personal data.
The CommBank app installed in the smartphone makes it easy for CBA customers to access their MasterCard in order to make payments. What is more, this interface offers customers additional options for keeping an ever-watchful eye on their banking transactions.
"After the success achieved with our first mobile payment project for the iPhone 4 and iPhone 4s in 2012, CBA is again relying on our expertise in this field. By deploying the technology in another flagship smartphone, CBA is enabling an even larger number of its customers to make cashless payments by mobile phone," says Mr. Uli Klink, Managing Director at Giesecke & Devrient Australasia Pty. Ltd.