London-based NFC mobile commerce company Proxama has teamed up with Crypthomatic, a global provider of security software solution, to launch a mobile contactless payment product.
The product, EMV Tokenised Transaction (EMV-TT) leverages Host Card Emulation (HCE), taking away the reliance on a secure element and enabling contactless payments via any NFC mobile handset.
Neil Garner, CEO and founder at 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.
" We’ re very excited to be working with Crypthomatic as they are the Gold standard for EMV payment issuance and high security processing for many major financial services companies".
Morten Landrock, Cryphtomatic executive vice president for Europe, Middle East and Africa also commented: "Using EMV-TT, financial services providers can benefit from offering a simplified, secure payment method that is not reliant on hardware based technology.
"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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Garner also added that the EMV-TT technology has been designed in a way that it seamlessly integrates with other mobile consumer engagement services derived from the Tap Point platform developed by Proxama.