Cryptomathic develops ‘Cloud Wallet’

Cloud Wallet

UK based e-security products provider Cryptomathic is launching what it claims to be the market’s first Cloud Wallet. The solution links the user’s e-wallet with his devices, i.e. smartphone, tablet or computer, and provides a secure payment platform that can be accessed through the internet. The method provides an alternative to traditional secure payment applications which typically operate through EMV chips embedded in cards or smartphones. (View press release).

Users can make various types of transactions, based on the device enrolled with the Cloud Wallet, such as NFC payments at point of sale, EMV type transactions between cardholder and merchant, or to enhance the security of 3D Secure verification.

The solution is designed with payment schemes and issuers in mind, Matt Landrock, CEO of Cryptomathic USA, says, “This 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.”

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