ARM gets into secure mobile payments business
Possibly sick of the secure mobile payment market not picking up, ARM, the company that designs the chips that go into your beloved smartphone or tablet, has decided to get into this business itself.
For that purpose, ARM has created a new company called Trustonic. ARM owns 40% of Trustonic’s shares. Gemalto and Giesecke & Devrient each own 30% of Trustonic. Gemalto is a Dutch security company most well known for making SIM cards, and Giesecke & Devrient is a German maker of smart cards and cash handling systems. So clearly, ARM has found the right partners for its new venture.
Trustonic is working on developing a platform for secure payments over mobile devices. Since the security is built into the ICs, the software, as well as the payments system, Trustonic’s platform should feature significantly faster mobile payment verification than its competitors’. And that’s obviously a good thing that may help mobile payments really take off in the future.
Companies that are interested in adopting Trustonic’s solution include Samsung, Cisco, 20th Century Fox, Mastercard, Sprint, Symantec, Wave Systems, Nvidia, Discretix, Irdeto, Inside Secure, and Good Technology.
Let’s hope this effort will make mobile payments truly go mainstream, where every other similar platform has failed before. Though without Apple supporting it in its mobile devices, that may not be very plausible.