At this year’s Mobile World Congress, to be held in Barcelona during March 2-5, a new Bitcoin-based competitor to Apple Pay will be demoed.
Apple Pay securely stores and encrypts credit card data, keeping it private from the retailer. Transactions are authenticated with a dynamic security code for each transaction.
Rivetz, a company providing hardware-based device security, is leveraging its technology to secure a bitcoin wallet’s private keys during transactions on Android devices. It is partnering with BitPay, which offers bitcoin wallets and merchant processing, as well Coinapult, which lets you lock the value of your bitcoins to other assets.
Several other technologies are being combined for the solution:
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– Intercede, a company specializing in identity and credential management. Its MyTAM cloud service will securely load private bitcoin data into the transaction environment.
– Trustonic, which facilitates the TEE transaction environment for execution on the physical device. Trustonic technology is reportedly embedded in over 400 million mobile devices, mostly of the Android variety.
The solution is planned for launch in the second quarter. BitPay CEO Tony Gallippi said, “Rivetz is delivering state-of-the-art support that will help Bitcoin be a standard, secure capability on every handset. We look forward to enabling the Rivetz capability as an option for millions of Bitcoin users.”
The launch comes as reports recently emerged of Square working with Google to test out yet another Apple Pay competitor, Plaso.
The demos will be held on each day of the conference at the following booths: Samsung partner booth Hall 8.1, Trustonic booth Hall 7, Stand 7G81 and at the Intercede booth Hall 7 Stand 7B81.