Proxama's Mobile Wallet has been integrated with ARM TrustZone technology to create one of the world's most secure mobile payments systems.
To be unveiled at the Mobile World Congress in Barcelona this week, the new technology will enable a payment transaction to be launched directly from a merchant's website. The transaction is authorised by the customer typing in their passcode, the entry of which is protected by TrustZone technology. The result is a transaction as secure and convenient as using a credit or debit card at a Chip&PIN terminal.
TrustZone technology is integrated into the core processor of a smartphone and creates a secure 'walled-garden' environment that operates independently of the phone's operating system. Proxama's Mobile Wallet utilises specially developed code installed within the 'walled-garden' which creates a hardware protected zone for the user to enter their passcode, thus securely authorising the transaction.
Miles Quitmann, managing director of Proxama said: "The growth of mCommerce has been accelerating in recent years to the point where many consumers now prefer to use their handsets to buy online. Our collaboration with ARM offers consumers a highly secure and convenient way to transact with online merchants. We will continue to work with ARM to develop further solutions utilising secure environments, especially around mobile payments."
Some of the benefits of the new solution is that it's a faster, neater and much more convenient user experience for the customer, resulting in fewer abandoned transactions; it's consistent with a Chip&PIN user experience and easy for users to grasp; it's a cheaper transaction for the retailer as it is the equivalent of a 'card present' transaction and it is reducing levels of fraud for the card issuer.
