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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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".

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.

 

Related articles:

G&D partners CommBank for contactless payments with Samsung Galaxy S4

Visa and MasterCard bypass telcos with cloud-hosted NFC payments

Octopus and Alibaba team up for NFC supported e-payments