Mobile security solutions developer INSIDE Secure has received approval from Visa for its MatrixHCE payment solution. The platform is now functionally Visa Ready.
The software-based solution is essentially a host card emulator (HCE), meaning that its integration can turn a smartphone into a payment card, enabling NFC-based mobile payments. It’s currently available on BlackBerry 10 and Android devices, with the Visa approval opening the door for its use as a virtual visa card for mPayments.
In a statement announcing the certification, INSIDE Secure EVP Martin Bergenwall emphasized its advanced security capabilities. “MatrixHCE not only meets the latest HCE standard, but it also incorporates potential future requirements including updatable whitebox cryptography to protect tokens, code and data,” he said.
The security emphasis hearkens back to previous offerings from INSIDE Secure, such as the INSIDE Secure VPN, with its use of OTP and TEE to boost mobile security.
It could also prove important as various mPayment systems enter the competition against Apple Pay, the current dominant platform; some of these mPayment systems may eventually become the subject of cyber attacks, which will drive up consumer interest in security. And MatrixHCE’s versatility with a range of mobile platforms could also give it a leg up as various banks try to launch their own mPayment offerings.