SmartTrust Partners with Europay to Turn Mobile Phones into Trusted Devices

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NEWS
Issue #2001 - 05 (Jan. 2001)
(Updated on Jan. 31, 2001)

TECHNOLOGY

SmartTrust Partners with Europay to Turn Mobile Phones into Trusted Devices

Sonera SmartTrust has joined forces with Europay, a global payment organization, to create a payment solution that in essence will enable mobile devices to "sign" Eurocard-Mastercard payment transactions.

Europay will offer its issuing banks SmartTrust’s wireless public key infrastructure (WPKI) technology as an extension to its existing 3D SET (Secure Electronic Transaction) payment solution. The companies claimed that this is the first time that digital signatures have been used with 3D-SET.

The Remote Transaction:

A SMS message with the merchant’s description of the goods or services appears on the user’s phone display.

User validates the purchase by sending a digital signature.

Issuing bank authenticate the cardholder and binds the transaction.

The WPKI technology is embedded in a SIM card which enables the customer to send SMS messages to the issuing bank. The SIM stores the cardholders ‘signing keys’ thus ensuring a fraud proof solution, according to the companies.

The system is also multi-channel, meaning that a consumer can browse a merchant site on a PC, a TV, or a WAP phone and then use the mobile phone to make the actual purchase, said Olivier Denis, Europay’s product manager for mobile commerce. "SmartTrust’s technology will significantly change remote credit-card transactions by providing a user-friendly and flexible strong authentication mechanism, when combined with SET payment infrastructure can guarantee payment to the merchant," he added.

For more information: www.smarttrust.com/infocenter/press_releases/dId4undckQoY.html

Mobileinfo Comments and Advisory: This is a good initiative for Europe where smart card technology has made a significant progress. SIM card is an interim technology, we think. North America will find its own solution later.

Note: This news release may contain forward-looking statements. Readers should take appropriate caution in developing plans utilizing these products, services and technology architectures.

All trademarks used in this summary are the property of their respective owners.

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