Proxama and Cryptomathic create mobile contactless payment solutions

proxama-contactless

Proxama, the platform provider of mobile proximity marketing, mobile wallet and payment solutions, has announced its partnership with Cryptomathic, to launch a mobile contactless payment solution, called EMV Tokenised Transaction (EMV-TT).

Neil Garner, CEO and founder, Proxama, said: “We’re seeing a lot of change in the payments industry and consumers are increasingly comfortable with card-based contactless payments, with huge appetite to use their smartphone more. The EMV-TT solution developed in partnership with Cryptomathic enables card issuers to offer mobile contactless as part of their existing service offering. We’re very excited to be working with Cryptomathic as they are the Gold standard for EMV payment issuance and high security processing for many major financial services companies.”

“With more NFC devices rolling out every day and HCE available on the vast majority of Android devices running the latest OS, KitKat, the market opportunity for NFC payments is growing. We have designed the EMV-TT technology such that it seamlessly integrates with other mobile consumer engagement services delivered from the same TapPoint platform.” He added.

Morten Landrock, EVP EMEA, Cryptomathic, comments: “Using EMV-TT, financial services providers can benefit from offering a simplified, secure payment method that is not reliant on hardware based technology. We also see this as an opportunity for mobile operators to leverage this new technology, and enhance existing SIM based security for payments and loyalty. Our experience in e-banking helped us understand what needed to be done to make EMV-TT secure enough for widespread use.”

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