Ant Financial Services Group has deployed technology from Singapore-based V-Key to augment mobile payment security.
V-Key will provide a virtual software solution called V-OS for Ant Financial to secure transactions on e-Commerce platform AliExpress, Ant Financial’s sister company. V-Key will also provide cryptographic services and trusted environments to help secure payments processed by Alipay on AliExpress, along with risk management for each transaction.
V-OS, which is currently deployed by top banks, mobile payment providers, and governments globally, is the world’s first virtual secure element. With V-OS, card and cardholder data will be encrypted, providing for more secure user authentication.
V-Key’s solutions allow businesses to roll out cloud-based payments, trusted digital identity and authentication necessary for mobile banking and other secured mobile applications. V-Key brings advanced user data protection to its partners without the need to use any form of hardware secure elements. Its mobile security solution works on both iOS and Android devices.
“As more users opt for mobile payments, account safety assumes utmost importance. V-Key's unique technology helps us deploy our risk engine to enhance mobile security. The partnership is part of our commitment to secure our services,” Ant Financial VP of fraud management Jason Lu said.