An IT firm is announcing that it has invented the first ‘Cloud Wallet’. The e-security firm Cryptomathic has what it calls a ubiquitous secure mobile wallet.
The Cloud Wallet enables a secure payment application to run off a connected 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 the IT firm says 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 Cloud Wallet will it is claimed 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; like their core business.
Once a cardholder has enrolled their devices with the Cloud Wallet, they can use their wallet to make 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, says: “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.” Visit www.cryptomathic.com
