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ARM, joint ventures with Gemalto and Giesecke & Devrient, to Secure Mobile Payments.
ARM, the London-based company that designs the chips in most of the world’s smartphones, announced a partnership on Tuesday with Gemalto and Giesecke & Devrient, which both make security tools for payment technologies.
They will create technical standards for a “security environment” in an area inside the chip where sensitive data is stored, processed and protected, according to Ben Haber, a spokesman representing ARM.
It means that sensitive data like your credit card information wouldn’t live in the same place as the rest of your data, and you would use payment services inside this secure area as well. This would be invisible to the everyday consumer, but if businesses embrace the standard, it could lead to a steady stream of new mobile payment services.
“The integration of the hardware, software and services necessary for system-wide security has been slow,” Warren East, chief executive of ARM, said in a statement. “I am confident that this new joint venture will accelerate the adoption of a common security standard, enabling a vibrant ecosystem of secure service providers to emerge. This will be a significant step in terms of improved consumer trust in sdcure transactions on connected devices.”
Source: NYTimes