Enabling Technologies

Proxama Partners with Cryptomathic, Contactless Payments via EMV Tokenized Transaction

U.K based mobile wallet and payment technology provider Proxama, has partnered with Cryptomathic to launch an EMV tokenized transaction. This tool will enable contactless payments to be made. Proxama says that 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.

  • Making contactless payments with a mobile device was previously dependent upon a local hardware based secure element chip, such as an embedded secure element or a SIM. 
  • The new Proxama-Cryptomathic solution can be utilized to allow existing mobile apps with a new software-based security infrastructure that works across credit, debit, gift card and pre-paid schemes. 
  • Since the new offering works with existing contactless payment terminals, the merchants are not required to make an changes to their POS infrastructure. 
  • With EMV-TT, any card issuer can now launch a mobile contactless payment service without having to rely on a secure element provider or Trusted Service Manager (TSM). 
  • This cuts down the complexity, cost and providing greater flexibility for value added services according to the company. 
  • EMV-TT utilizes existing card issuance and authorisation systems. It also makes use of Proxama's TapPoint® service platform and mobile wallet SDKs. 

“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 Proxama’s CEO, Neil Garner. 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.

“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,” said Morten Landrock, Cryptomathic. “Our experience in e-banking helped us understand what needed to be done to make EMV-TT secure enough for widespread use.”

Recently, Mobile wallet and payments solution Weve, partnered with Promaxa to bring personalised and location-based loyalty schemes to the service. The UK's three largest mobile operators – Vodafone, EE and O2 – began collaborating on the development of Weve last year, with the aim of providing a comprehensive advertising platform and near-field communications (NFC) enabled payments system.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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