LONDON (Alliance News) - Proxama PLC Thursday said it has partnered with security software provider Cryptomathic to launch EMV Tokenised Transaction, a tool that will enable contactless payments to be made.
Whereas previously contactless payments with a mobile device depended on devices such as SIMs, Proxama said its new payment method can be used to enable existing mobile applications with a new software-based security infrastructure that works across debit, credit, pre-paid and gift card schemes.
Proxama said the new payment method doesn't require any Point Of Sale infrastructure changes to be made by merchants as it works with existing contactless payment terminals.
"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," said Neil Garner, Chief Executive and founder.
Morten Landrock, EVP EMEA of Cryptomathic said, "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."
The partnership comes two day after Proxama said it has been chosen as a partner in the development of Pouch, a mobile loyalty service by Weve, the joint venture by the UK's three largest mobile network operators, EE, O2 and Vodafone PLC.
Proxama shares were Thursday quoted at 5.22 pence, up 0.80 pence, or 18.1%, taking it ahead of its three-month high.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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